Raising a family is no easy task - we chat with young parents in Singapore to find out their top five concerns when it comes to their family and children.
You and your spouse are definitely not the only ones who are constantly worried about your children and family. A research study in 2018 found that the average parent spends 37 hours a week worrying about their kids – that’s almost like a full-time job! So what exactly do parents worry about? We speak to young parents in Singapore to find out their top five concerns.
1. Child’s education plan and funds for their passion
Having a solid education plan and sufficient funds is one of the things mentioned by every parent we spoke to. From preschool to college or university, every parent wants to provide their children with the best education they can afford. More importantly, they want to be able to support their children’s passion, whatever it may be. Parents often worry about how much they need to set aside to ensure their children can enjoy uninterrupted learning in the area and institution of their choice.
“We want to be able to support our daughter through college – overseas or in Singapore. As long as it’s a degree and area of study that she’s passionate about and willing to work hard for. But, as you know, education isn’t cheap – even during our generation. We have started saving now, but we don’t know how much will be enough by the time she attends college.” – James and Kim, parents to a five-month-old girl.
2. Financial stability and job security
Inflation is one of the most talked about issues recently, so it’s no surprise that young parents in Singapore are worried about their family’s finances. Having financial stability and job security means parents can provide their family with basic needs such as food, shelter, and clothing. It also allows them to continue giving their children the comfort and standard of living that they wish for them to have.
“I worry about financial stability and job security because everything depends on that: housing, food, education, insurance, etc. I also want to be able to give my son a comfortable childhood and let him enjoy the current standard of living I’m providing him, and hopefully better in the future.” – Dev, father to a three-year-old boy.
3. The health and safety of everyone at home
It’s only natural for parents to be worried about their child’s health, especially now that the country is reopening its borders. Another thing that’s equally as important is the health of both parents – simply because parents want to be the best providers and carers of their children. That’s why the health and safety of every family member is a top priority as well.
“Ever since our kids were born, we always worry about whether they’re healthy and well, physically and emotionally. We also worry about our own health because if something happens to us, who will be there to care for our children? We’re the ones who know them best and love them most.” – Mr and Mrs Goh, parents to a five-year-old girl and two-year-old boy.
4. Sufficient coverage and protection for the family
A concern closely linked to the above is having adequate insurance plans for the whole family that offer sufficient coverage. Some insurance plans give the insured family member access to medical treatment without worrying about financial matters. The insurance plans also ensure that their children will be provided for, should anything unfortunate happen to them. However, the question that worries parents is: how much insurance coverage is enough?
“I think it’s very important to have a ‘backup plan’. What if something happens to me and I can no longer work? What if something happens to my husband, who’s the main breadwinner of our family? That’s why we have an insurance plan for everyone. But how much is enough for protection?” – Elaine, mother to a one-year-old boy.
5. Child’s happiness
It’s safe to say that the one thing that every parent wants the most is for their child to be happy. This is the reason why parents work hard and endure sleepless nights to prioritise their child’s needs and wants over everything else. Happiness is not a bonus – it’s the key to a child’s overall wellbeing.
“I want my girls to be happy and I worry about their happiness as they get older. I worry that they might face bullying or self-esteem issues as they grow up and how to deal with these challenges. As parents, we do our best to show and let them know that they are loved for as long as we can in every way possible, and hopefully they will always remember this and stay happy.” – Carolyn, mother to a four-year-old and two-year-old girls.
The good news: Here’s one option when it comes to easing some of those parenting worries
Having all these concerns may make parenting seem like a daunting task, but it doesn’t have to be! One way is to safeguard your family’s future so you can have peace of mind and enjoy parenting to the fullest, while also not forgetting about self-care or pursuing your passions.
Manulife (Singapore) recently launched a new regular premium whole life insurance savings plan, Ready LifeIncome (III), that provides you with financial stability and a lifetime yearly income1 from end of policy year five or ten till age 120.
As financial stability is one of the top worries cited by young parents, Ready LifeIncome (III) also offers a retrenchment benefit2 that pays out a lump sum; as well as having a feature to waive off future premiums3 in the event of total and permanent disability during premium payment term, or pause4 premiums for a year, while still enjoying coverage. You’ll also be covered3 against death and terminal illness till age 120.
One of Ready LifeIncome (III)’s unique features is the Change of Life Insured5 option, which allows your loved one to be the new life insured of the policy. Together, the Change of Life Insured option and assignment6 of policy mean that you can pass your policy down to your children and even onto their next generation in its entirety.
Keen to find out more about how you can safeguard your family’s future with Manulife’s Ready LifeIncome (III)? Start today and enjoy up to 15% off7 first-year premium. Check out their website for more information, or speak to one of their friendly financial consultant today.
* Names have been changed to protect the interviewees’ privacy.
This post is in partnership with Manulife (Singapore).
1. Lifetime yearly income consists of guaranteed and non-guaranteed yearly income. Guaranteed yearly income is 0.80% of the sum insured. Based on illustrated investment rate of return of 4.25% p.a., non-guaranteed yearly income prior to 25th policy year is 2.00% of the sum insured and 2.20% of the sum insured from 25th policy year onwards. Based on illustrated investment rate of return of 3.00% p.a., non-guaranteed yearly income prior to 25th policy year is 0.90% of the sum insured and 0.99% of the sum insured from 25th policy year onwards.
2. Retrenchment benefit is applicable during the premium payment term or before the policy anniversary immediately after the policy owner’s 65th birthday, whichever is earlier. This benefit is only applicable to individual owned policies where policy owner is aged 64 and below. For 5 years premium payment term, the retrenchment benefit payout will be 50% of annual premium, and for 10 years premium payment term, the retrenchment benefit payout will be 100% of annual premium.
3. Please refer to the Product Summary and Policy Contract for more details.
4. Provided the policy has been in force for 2 policy years with 2 full annual premium payments and subject to approval by Manulife.
5. After 2 policy years, the Policyowner may request to change the life insured up to 2 times during the policy term. Subject to insurable interest and any other T&Cs. Please refer to Product Summary for more information.
6. Transfer of policy ownership via assignment is allowed anytime while the policy is in force. The assignee must be at least 18 years old.
7. T&Cs apply.
Ready LifeIncome (III) is underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy’s surrender value (if any) may be zero or less than the total premiums paid. This material is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
We recommend that you seek advice from a Manulife Financial Consultant or its Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.
Information is correct as at 15 June 2022