Building savings is the top goal for Canadian parents, with 73% wanting to increase their savings over the next five years, according to a new survey by Mintel. That goal ranked higher than spending more time as family (60%).
Mintel’s “Marketing to Parents” report notes the current economic conditions—with record-high household debt levels and the rising cost of groceries—are putting additional strain on parents, particularly since many are planning on making big-ticket purchases.
In the survey of more than 600 parents with kids under 18, 54% say they plan to buy a new vehicle in the next five years; 38% plan to make a major home improvement; and 24% plan to buy a new home.
“Parents, especially younger parents, have unique financial pressures that non-parents and even older parents don’t necessarily face,” says Carol Wong-Li, senior lifestyles and leisure analyst at Mintel. Newer parents, for example, have the high costs of baby-related items and day care.
“As younger people too, there are financial goals—they might be wanting to buy a new car or a new house,” adds Wong-Li. “Because there is a greater focus on the immediate needs, it makes leisure spending a little less fun. And it makes saving for their next big-ticket purchase more of a priority.”
The study also looks at the household division of labour. It finds moms are more likely to see themselves as primarily responsible for chores such as household cleaning, but dads are more likely to say the chores are split evenly. Sixty-eight per cent of moms say they’re primarily responsible for household cleaning, compared to 26% of dads; and 27% of moms say the task is split evenly compared to 40% of dads.
“Even though there is a bit of a disconnect – moms feel like they’re more likely responsible – the important thing for marketers to take away is that both men and women are seeing that men are participating in the household,” said Wong-Li.
When it comes to balancing careers and family life, 83% of respondents say raising their children is more important than their career; 55% say parenting and/or career leaves them little time to address their own needs; and 37% agree they don’t have enough time to be the kind of parent they want to be.
The report notes parents with kids under the age of five are the most likely to be sacrificing their own needs for their jobs and children. Yet, they are also most likely to experience guilt for not being the type of parent they want to be.
“They are pulled in so many directions and their own needs are being sacrificed. They don’t have extra time to take for themselves and they’re not really getting a lot of credit,” says Wong-Li. “Brands can help by giving parents a bit of a mental break and some encouragement. It’s a way to acknowledge the work they’re putting in.”
For example, Hello Angel’s Nappy Notes in Hong Kong gives new parents encouraging messages that appear when diapers get wet. The messages of love and support include “Love you Mummy” and “You’re my best friend.”
‘KIDFLUENCE’ ON FAMILY SPENDING
The survey also looks at the influence of kids on family spending and finds children have the most influence on decisions surrounding family entertainment choices. While teens are the most likely to have influence, kids six-to-11 also hold considerable sway.
For example, 68% of teens 12-17 and 61% of kids six-to-11 influence where the family goes on vacation; 86% of teens 12-17 and 83% of kids 6-11 influence what the family watches on TV; and 76% of teens 12-17 and 77% of kids 6-11 influence restaurant choice.
“I think ultimately, no matter what age the children are, parents want their kids to be happy,” says Wong-Li. “For younger kids, parents going to choose restaurants where they know their kids are going to have a good time… Vacations for families with older kids are the periods where they have extended family time together, so they’re going to want their kids to have a good time and still be able to enjoy this family time.”
The survey finds kids are also influential in terms of bringing brands to their parents’ attention. Sixty-percent of dads and 46% of moms say their children often ask for things by brand name; and 55% of dads and 59% of moms agree their kids help them stay up-to-date on what is trendy.
