11/4/13
Some 8 million U.S. adults expect the birth of a child in the next 12 months, and 9 million expect the birth of a grandchild, according to Scarborough Research. Expectant parents are about evenly split between millennials (47%) and Gen Xers (49%). One in five (20%) are Hispanic.
Nearly six in 10 expectant grandparents are baby boomers (58%), while 15% are members of the silent generation. Only about one in four grandparents-to-be (24%) are retired.
Parents-to-be are 79% more likely than the average adult to be planning to buy a new car in the next year and three times more likely than average to be planning to buy a new home. Grandparents-to-be are 20% more likely than average to be planning to buy a new car and 32% more likely to own a second home or investment property. About one in three (32%) have home mortgages.
Expectant grandparents are 33% more likely than the average adult to have used a financial planner in the past year. More than half (55%) have life insurance, and they’re 30% more likely than the average adult to have used a local insurance agent.
The majority of expectant parents (57%) have no investments, although they’re 38% more likely than average to have 401k plans, and 45% more likely to have 529/college savings plans. Expectant parents are more likely than average to have auto loans (27% more likely) and personal loans (29% more likely). They’re 20% more likely than the average adult to say they only save money for specific goals. About one in four expectant parents (24%) are affluent, with annual household incomes of $100,000 or more.
SOURCE: “Scarborough USA+ Study, Release 1, 2013,” Scarborough Research, Deirdre McFarland, VP Marketing & Communications, 770 Broadway, New York, NY 10003; 855-807-2272 or 646-517-1034; dmcfarland@scarborough.com; www.scarborough.com. Price: Contact for information.
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