Phoenix, Arizona - Today, March 21, is National Single Parent Day, an opportunity to celebrate the unwavering devotion and hard work of single parents across the country and a day to help ensure single parents have the tools they need to protect their families.
But according to a Strategic Business Insights survey, most single parents do not have important financial protections in place, like life insurance and a retirement plan.
The survey found that 68 percent of single parents do not have life insurance to protect their children should they no longer be around to care for them. Life insurance products can cover the costs of college, unpaid medical bills, help families stay in their homes and, in some cases, can be used as a source of retirement income. By comparison, more than half of the general population has some form of life insurance protection.
The survey also found:
- Sixty-three percent of single parents do not have any type of retirement account;
- Forty-one percent have no savings or retirement goals and 78 percent are concerned about having adequate retirement income; and
- Ninety-three percent do not have a financial advisor to assist them.
“Between raising a family and juggling their professional responsibilities, single parents have a lot on their plates every single day,” said Field Vice President Charles Lala. “As we celebrate National Single Parent Day, it’s important we continue to work closely with single parents in our community, and ensure they can turn to someone for help.”
An important first step single parents can take to protect their family is to make sure they have access to someone who can provide trusted advice. Many experts, including Allstate agents and financial specialists, offer free financial reviews and will discuss life insurance needs and retirement goals.