Pandemic baby boom – what it means for you
There has been an unexpected baby boom during the pandemic, as lockdown highlighted the importance of family. But couples deciding to grow their family amidst COVID-19 face a unique set of challenges.
Pregnancies are up by more than 5% in NSW and Victoria as some couples forge ahead with their plans for a family in these uncertain times. If you’ve recently welcomed a new member to your family, it’s prudent to also have a financial plan in place so you’re prepared for any uncertainties that come your way.
Shifting priorities
The extended lockdown due to the pandemic and closed borders means that many haven’t been able to visit and be with their extended families for a long time. This has made people rethink their life goals and priorities. This time away from your loved ones might have been a catalyst in deciding now is the right time to grow your family.
There is no time like the present
In the immortal words of Ted Lasso, “living in the moment, it’s a gift. That’s why they call it the present.” Rather than being afraid and anxious about what the future holds, many couples feel there will never be a “perfect” time to start a family. Whether it is COVID-19 or something else, there will always be new challenges and uncertainties to navigate together as a family.
Planning ahead
Growing a family is a massive step, notwithstanding the challenges that a global pandemic might throw at you. You need to consider maternity leave arrangements, childcare costs, education costs and much more. This will have a flow-on effect on your finances and budgeting. This might be the right time for you to take a moment and reflect to check your current insurance policies and ensure you have enough cover that meets your changing needs.
Are you considering growing your family?
If you, like many others across Australia, feel now is the right time to grow your family, it’s best to be prepared when the baby arrives. Living through a pandemic means unexpected injury or illness could strike you at any moment.
Having life insurance and income protection insurance may help with the costs of growing a family when you’re going through unexpected challenges.
If you’d like advice on having a financial plan or the right life insurance and income protection cover for your needs, the team at ADR Wealth are here to help – contact us.
