Planning for the Unexpected

New research commissioned by ING Australia has found that 63% of surviving partners and children had less than a one week warning of the death of a parent. This statistic highlights that two in three families had little time to plan should one partner pass away unexpectedly. Other key findings from the report highlight the financial and emotional impact, particularly on children, if a parent dies without having made adequate provisions:

  • Of the children who had to change schools due to financial pressure:
    • 69% suffered from diagnosed clinical depression
    • 75% suffered from depression, anxiety or panic attacks
    • 78% said their academic performance suffered
  • Of the children who had to move house due to financial pressure:
    • 73% said that their family was unable to support them as much as they would have if a parent hadn’t passed away
    • 64% said their academic performance suffered
    • 64% saw their involvement in school activities decline
  • 78% of those who did not have insurance agreed that in hindsight, it would have helped if their parent/partner had had life insurance