Finances of Parents - Ireland

Published by: Mintel International Group Ltd.

Published: Oct. 1, 2006 - 51 Pages

Table of Contents

INTRODUCTION

Geographical, national and regional definitions

Conversion factors

BMRB Target Group Index sample sizes

ABBREVIATIONS

EXECUTIVE SUMMARY

Almost 650,000 households with children in RoI in 2006, just over 310,000 in NI

‘Spending culture’ means delayed family commitments

Debt is a way of life

Irish family sizes shrink - particularly in NI

Childcare costs in RoI - the new contraception?

NI parents encouraged to save for their children

Older parents spend more on themselves

MARKET DRIVERS

MATERIALISM OR ‘FAMILY COMES FIRST’?

Figure 1: Agreement with selected family-orientated attitudinal statements, RoI and NI, 2003 and 2005

MARRIED LIFE STARTING LATER

Figure 2: Average age at marriage, RoI and NI, 2000-05

Figure 3: Average age of women at birth of child, RoI and NI, 1991-2005

NI BIRTH RATE DECLINES AMONG THE UNDER 30S - PARENTS GETTING OLDER

Figure 4: Live births by age group (as percentage of all births), NI, 2000-04

More secure ‘nest’ for family adults...

...but ‘kidults’ to live with parents for longer

Home responsibility still lies with women

MATERNITY AND PATERNITY PAY

DECLINING NUMBER OF UNDER 25S IN ROI WORKFORCE

Figure 5: Percentage of labour force in employment, RoI and NI, 2000-05

Women narrow the gender gap

Figure 6: Workforce gender gap RoI, 2000-05

SIGNIFICANT RISE IN NI EARNINGS SINCE 2000

Figure 7: Average weekly earnings by age group, NI, 2000-05

RISING TUITION FEES ARE A BURDEN FOR PARENTS

PROPERTY BOOM POSES DIFFICULTIES FOR PARENTS

OVER-RELIANCE ON THE ‘BANK OF MUM AND DAD’?

PERSONAL DEBT SEVERELY AFFECTS ONE IN FIVE IN ROI...

...BUT EVIDENCE OF BETTER MONEY MANAGEMENT IN NI

TODAY’S YOUNG PARENTS FACE PENSIONS CRISIS IN LATER LIFE

ROI PARENTS FINANCIALLY CRIPPLED BY CHILDCARE COSTS

Childcare costs - the new contraception?

Child benefit and tax credits

GOVERNMENT INCENTIVES FOR FAMILIES

EVIDENCE OF AGEING POPULATION IN IRELAND

Figure 8: Population growth trends, RoI, 2001-11

Figure 9: Population growth trends, NI, 2001-11

MARKET SIZE

STEADY GROWTH IN NUMBER OF HOUSEHOLDS WITH CHILDREN

Figure 10: Growth in number of households with children, RoI and NI, 1991-2006

Figure 11: Growth in number of households with children, RoI and NI, 2000-06

SUPPLY STRUCTURE

Child Trust Fund (CTF)

Abbey

An Post

AIB/First Trust Bank

Bank of Ireland

Halifax Bank of Scotland (HBOS)

Nationwide Building Society

Northern Bank/National Irish Bank

Progressive Building Society

RaboDirect

Ulster Bank

THE CONSUMER

ATTITUDES TO FINANCE

Figure 12: Agreement with selected financial statements, RoI and NI, 2003 and 2005

FINANCIAL COMMITMENTS AND PRODUCT OWNERSHIP

Savings

RoI consumers much more likely to own a savings account

Figure 13: Deposit account penetration by gender, age, socio-economic group and marital status, RoI and NI, 2003 and 2005

Dwindling number of young savers, especially in NI...

...and fewer ‘grey savers’

HIGH MORTGAGE PENETRATION SEES PARENTS STRUGGLE

Figure 14: Mortgage penetration, RoI and NI, 2005

Parents more likely to own insurance products

Figure 15: Penetration of selected financial products, RoI and NI, 2003 and 2005

FINANCIAL AWARENESS ON THE INCREASE

Figure 16: Use of credit facilities, RoI and NI, 2003 and 2005

GROWING UPTAKE OF PRIVATE PENSIONS

Figure 17: Pension ownership by pension type, RoI and NI, 2003 and 2005

LEISURE EXPENSES

Parents more inclined to go on holiday - in RoI in particular

Figure 18: Consumers taking at least one holiday in the last 12 months, by all parents and all adults, RoI and NI, 2003 and 2005

SKIs more likely to take multiple holidays in RoI...

Figure 19: Number of holidays taken in previous 12 months by all adults and parental lifestages, RoI, 2003 and 2005

...mirroring NI consumer behaviour

Figure 20: Number of holidays taken in previous 12 months by all adults and parental lifestages, NI, 2003 and 2005

THE FUTURE

Larger families a thing of the past?

Third-level education costs to shift from parents to child in NI?

Call for paid paternity leave and childcare support in RoI

Irish parents continue to struggle with debt

Parents must encourage ‘boomerang generation’ to fend for themselves

A ‘workplace revolution’?

APPENDIX

Lifestage

Figure 21: Lifestage definitions and lifestages as percentage of population, RoI and NI, 2005

Household composition

Figure 22: Number of households with at least one child (000s), RoI and NI, 1991-2006

Leisure expenses

Figure 23: Consumers taking at least one holiday in the last 12 months, by sex, socio-economic group and selected lifestages, RoI and NI, 2003 and 2005

APPENDIX: RESEARCH METHODOLOGY

Abstract

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