The Age of the Parensioner
New research has revealed that there has been a marked change in attitudes when it comes to how old people think is a socially acceptable ‘cut-off age' for having children.
credit cardsThe changes may have something to do with the fact that almost one million adults in the UK are so-called ‘parensioners’ – or people who have had children in their 40s, 50s and 60s and who will reach retirement age while still financially supporting their kids.
The figures come from a new study into parenting trends carried out by retirement specialist LV= and show that between 1992 and 2012, the number of women having children after the age of 40 rose by 298% and for men after age 45 by 149%.
When broken down further, the statistics make for even more surprising reading. One in eight men in the parensioners bracket were over 60 and a quarter were in their 50s when their last child was born.
Most of the mothers in the group were between 40 and 44 years of age, and one in 20, which is equivalent to 18,781 people, were over 45 when they had their last child.
Head of Pensions at LV= Ray Chinn said: "We often see tales of mature celebrities that have become new parents; none more recent than Halle Berry who announced the pregnancy of her second child, at the age of 46, in last few days.
“And like these celebrities, we can now see just how many normal men and women are following in their famous footsteps and becoming what has today been dubbed ‘parensioners'.”
As well as Halle Berry, Steve Martin, Elton John, Susan Sarandon, Michael Douglas and Sarah Jessica Parker are other celebrity ‘parensioners'.
With almost one million people in the UK now falling into the category, it is estimated that the current average retirement savings of a parensioner would leave them more than £2000 short per year compared to the average annual cost of raising a child.
With this in mind, it is increasingly important to teach children the importance of budgeting and how to handle their finances while they are still young. A prepaid card can be a huge help with this objective, since they can only spend what has been loaded onto the card – teaching them how quickly money can disappear!