In addition to growing their family, America’s eight million Parents-to-Be, defined as adults who say they are expecting the birth of a child during the next year are reinforcing and expanding their financial foundation.
This consumer group is 45 percent more likely than the average person to have a 529 plan/college savings plan in their household, 38 percent more likely to have a 401k, and 23 percent more likely to have a home mortgage. They also excel at the financial basics. Parents-to-Be are 15 percent more likely to have a savings account, 20 percent more likely to have a debit card and 46 percent more likely to use online banking.
There are pockets of opportunity for Parents-to-Be to fortify their financial house more. While they are more than three times more likely than the average person to plan to buy a new house, condo or co-op during the next year, they are, at the same time, 12 percent more likely to lack homeowners or renters insurance currently. Parents-to-Be are only slightly more likely than the average person to have life insurance.
Find out more about Parents-to-Be in and other major consumer groups going through life changes in our infographic series.
Just like Parents-to-Be, many American consumers are planning big lifestyle changes this year. Find out more about Engaged Couples, Grandparents-to-Be, and New Homeowners/Movers. For more insights from Scarborough at the ANA conference this week follow @ScarboroughInfo using #ANA_Masters.
SOURCE: Scarborough USA+ Study, Release 1, 2013 (Current Release)-Scarborough/GfK MRI Attitudinal Insights Data.