Providing for and looking after family is the greatest source of daily stress for 35 percent of business owners, according to research conducted by UK law firm Blake Morgan.
One in five (20 percent) of those aged 18-34 said that one of their greatest priorities is caring for ill parents, while 18 percent of the ‘sandwich’ age group (35-44 year olds) are also caring for ill parents. This figure drops as people get older, with 12 percent of all those surveyed saying one of their biggest priorities is caring for ill parents.
Almost a third said one of their greatest sources of daily stress is balancing their work with spending enough time with their family. Another 17 percent said they find it stressful to make time for holidays and hobbies, while a further 14 percent say they find it difficult to maintain happy, healthy family relationships.
Helen Bunker, divisional director for private law at Blake Morgan, said: “We’re living longer, marrying later and we’re not afraid to divorce if things don’t work out. But while choice can be empowering, the pressure of family life is also striking.
Having a savings plan was the most popular piece of financial advice to pass onto their children, with nearly a third of people (30 percent) saying putting money aside is critical to financial stability.
“As we live longer, health and long-term planning issues are becoming starker. With families spanning as many as four generations, having a plan in place to support your family later in life is important,” said Ms Bunker.
After ‘rainy day’ savings, investing in pensions early, investing in property, avoiding debt and budgeting for the future were the next top pieces of advice.
Ms Bunker added: “For successful people, time is a valuable asset, so providing for your family now and for the future is as much about being smart about time management as it is about having the right legal structures in place. And as the modern family evolves and we continue to navigate education, property issues and care, successful people can be better placed to manage the unexpected and enjoy what we have now.”
The research of 1,000 UK business owners was carried out by OnePoll in July 2018 on behalf of Blake Morgan.
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