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| ING urges Australians to plan for the unexpected following report |
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ING Australia is urging parents to have an open discussion about planning for the unexpected, following the launch of the 2010 ING Australia “Picking up the Pieces” Report*.
The ING Australia Report which surveyed 1,024 Australians nationwide highlighted that losing a parent as a child was not only devastating, but caused further detriment psychologically, educationally and socially, if financial stress was added to the equation.
Statistics from the report shows:
Gavin Pearce, ING Australia General Manager for Insurance, says the findings from the research highlighted that parents urgently need to have the conversation about what they would do and need to do, should the unimaginable happen to their family.
“The report showed that 63 per cent of surviving partners and children had less than one week’s notice of the death. This statistic highlights that two in three families did not have adequate time to plan should a partner or parent, pass away unexpectedly.
“It also revealed that in the two years following the death, one in three families had to move house due to financial pressure. Clearly without prior planning it’s incredibly difficult for the majority of Australian families to maintain their current lifestyle,” said Mr Pearce.
The “Picking up the Pieces” report also highlighted that children who had to change schools due to financial pressure, were at an increased risk of clinical depression, anxiety or panic attacks, as well as suffering a decline in academic performance.
“One in two children who lost a parent during childhood were diagnosed with clinical depression and of those who also have to change schools, this figure increased to 69%,” added Mr Pearce.
Anne Hollonds, Relationships Australia NSW CEO, said the research highlights how devastating the loss of a parent can be to the family.
“Planning ahead for the unexpected is important and enables you to support your family and address future challenges you may face.
“Regular discussions with your partner about your dreams and goals for your family, and practical ways to achieve them, provide an opportunity to also discuss the “what if’s”, such as “what if the unthinkable happens?” said Ms Hollonds.
The ING Australia “Picking up the Pieces” Report is available on the ING Australia website www.ing.com.au.
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