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Three key financial products every parent needs

1 in 5 parents don’t have one of these three key financial products for their children.

In June 2019 online estate planning company, Willful, surveyed parents to see how financially prepared they were now that they had kids. Specifically, they asked whether parents had a will, life insurance and an RESP for their children. These three financial products are the essential ingredients for a solid estate plan.

The survey found that over half (52%) of parents don’t have a will in place, and that number jumps to two-thirds (65%) amongst parents with minor children. Of those surveyed, parents were more likely to have life insurance (66%) vs. a will (48%) or an RESP (27%), and millennial parents were less likely to have a will (77%) and life insurance (62%), but more likely to have an RESP (34%).

Willful has provided a very helpful infographic to show the survey findings.

“It’s crucial for parents to have a solid estate plan in place, since if anything were to happen to them, it outlines who would care for their minor children and how they would receive their inheritance. But we know that the last thing new parents are likely thinking about is creating an estate plan or taking care of other financial tasks because time (and sleep) are at a premium,” said Erin Bury, CEO, Willful. Willful is trying to make things a bit easier for parents by making it easy to establish a will through their online platform.

Willful has recently partnered with Wealthsimple to expand their offering  to include RESPs. “An RESP is one of the best personal finance deals out there — it’s essentially free money from the government for your child’s education,” said Michael Allen, Portfolio Manager, Wealthsimple. “Setting one up is a financial must-do for parents, as is drafting a will. With online services like Wealthsimple and Willful, these tasks can now be checked off your list during nap time.”

If you’re ready to make a will, check out this promotional offer from Willful where MeVest clients receive 10% off their will using promotional code MEVEST10. Click here to get started.