The Price Of Parenthood
Earlier this week, we launched the Truth about Affluence study that sought to redefine how marketers should engage with the top 20% of global earners. The study focused on a new era of Stealth Wealth, one where affluent consumers are more inconspicuous than ever before. So what does this mean for parents within this growing affluent class? How does your attitude to wealth change when you become a parent?
It would appear that there are some key attitudinal differences between affluent parents and those without children. Indeed, 81% of affluent parents agree that “I'm always thinking of ways to increase my affluence or money” (vs. 62% of those without children) showing clear differences in how having children is a key driver in maintaining and growing your wealth. However, this is not necessarily a source of stress for parents; rather, it’s seen as an opportunity. Almost three-quarters of affluent parents today believe that “everyone has the opportunity to become affluent,” significantly above affluents without kids. It seems that having children further drives your ambition and the belief that you can achieve your goals.
This optimism is unsurprising when you look at the more emotional drivers of how parents view their affluence. In today’s age, to be affluent does not rest on mere monetary wealth. In fact, 58% of affluent parents would agree that “being affluent is a state of mind, not a number in the bank.” Again, an attitude felt more strongly amongst our affluent respondents who have children in comparison to those without. This recognizes a more adaptable and fluid concept of wealth, one that allows for a multi-faceted approach to an affluent lifestyle. It is within this context that we must consider wealthy parents and their motivations.
For example, one respondent from Brazil we spoke to said: “Being affluent means to have everything in abundance: time, money, experiences, education. It does not necessarily mean having money.” Our study highlighted that the most precious resource on this list was time. Seventy-five percent of affluent parents claim they would “gladly exchange some of my money in order to have more time to do the things that matter to me” (vs. 60% of affluents without children). Unsurprisingly, the family topped the list of what matters most to consumers. It seems that time is the real currency that affluent parents aspire to have in abundance. Perhaps it is the ultimate price of parenthood: there is never enough time.