Aviva research shows that parents teach their children financial education at a very early age, but do not take their own advice and provide savings and protection for the future.
Aviva research shows that parents teach their children financial education at a very early age, but do not take their own advice and provide savings and protection for the future.
An Aviva study conducted a day before the popular 1 June Children's Day celebrations revealed that:
- 55% of parents teach children about the value of money
- 92% of children are taught to save early in life
- 30% of parents will teach children this between the age of 9-12
- 20% of parents start early teaching children between 5-8 years old.
Despite teaching children the need for financial planning only 12% of parents interviewed have a savings account, a life insurance, or a pension. The research suggests Romania parents teach, but are not acting.
This research is revealed only a few months after the launch of Aviva's new financial planning service - Lifeplan 123. This free, unbiased planning service has been created to help people make informed financial decisions about their future. The service is available across Romania and takes just 30 minutes to design a detailed plan for financial security for the future.
Aviva follow three key steps in delivering their free service:
- Step 1: Discuss - reviewing how client's feel about money, what cover they have and the level of financial security they would like
- Step 2: Analyse - identifying any gaps in client's current financial plans
- Step 3: Advice - production of a free Lifeplan report providing tips to improve client's immediate and future financial situation.
Andi McLennan, marketing and propositions director, Aviva Romania, said: "We are very happy to see parents interested in the financial education of their children and it is encouraging that children gain this information from an early age.
"Since entering the Romanian market Aviva has been proud to offer one of the broadest savings and protection product ranges on the market and with our new Lifeplan 123 service we are well positioned to assist more people in meeting their financial needs with an Aviva product.
"Children's savings and protection products are very popular in Romania and in 2006 we saw sales of our unit-linked child's savings and protection plan Alfa increase to represent 10% of our overall new business."
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For further information:
Andi McLennan
Director Market Development
Telephone +40 21 203 83 00
E-mail andi.mclennan@aviva.ro
Notes to editors:
About Aviva
The Aviva offer is made of long term savings products, private pensions, management of investment funds and general insurances. The group has 434 billion EUR assets in administration which represent the money of over 40 million clients all over the world.* Aviva Asigurări de Viaţă has officially started its carrier in 11 October, 2000 in Romania, at present time the company having a sales force of over 1000 consultants and managers and a net made of 19 branches and 4 development centers.
* on 31 December 2006