When we first began talking with families about the statistical risks we all face, some people would tell us they believed 'simply talking about such things would make them happen,' and that was their reason to avoid thinking about those risks.
We believe when we have children in our lives, we don't have the luxury of putting our head in the sand and simply ignoring the statistical realities of life.
We all face the same risks so we all need to protect our families from the numbers of life.
Did you know: In 2015 there were 1,209 road fatalities in Australia. That equated to 5.08 per 100,000 people per year. No one wants over a thousand people to pass away each year on the roads, but the statistical reality is - every year since 2012, there are more than 1,000 road fatalities annually.
The message of Sapience is clear:
We all need to ask; 'What's the family backup plan?' if the unexpected happens and one of us is no longer hereDrew Browne Sapience
Protecting and providing for our families is the primary driver for most Australians today.
In fact, to think that something might interrupt (or even take away) our ability to provide for our family is a constant concern in the back of many people's minds.
The solution is actually to do something about it once and for all; get a backup plan in place along with an insurance policy to fund it, just in case life doesn't turn out the way we all hope for our family and friends.
Time and knowledge is the typical obstacle for many busy families
Our clients typically ask two questions when it comes to making a family backup plan.
- What's the statistical reality of these risk happening to a family?
- What's the real-world impact the death of a parent has on a child?
After working with so many families and family run businesses, we decided to put together a free eGuide for Australian Families to help explain 3 things:
- What happens when a family is not financially prepared for the unexpected loss of its primary income earner
- What are the known effects upon its children, and
- What you can do to prevent this happening to your family.
Who is the eGuide designed to help?
The guide contains results of real life interviews and draws upon three major Australian studies cross referenced with up-to-date ABS data
- It's relevant for all young families, single parents and parents who may have separated
- It's important for Grandparents to understand the potential risks to their grandchildren
- It's a must read for anyone with special or additional needs people in their lives
It's compelling reading for every family who understands that 'life happens to us all' and that we all need to have a backup plan in place, just in case.
A quick reality check by the numbers
Below are the simple numbers of life that make up the Australian economy today.
- According to the 2011 census, Australia has approximately 5.5 million families (defined as 2 or more people over the age of 15).
- This means there are 2,290,000 families in Australia with dependent children who rely upon a dominant income earner.
[Sources: Hugo, G. (2001). A century of population change in Australia (ABS - Yearbook 2001 Australia)]
The number by family type
All familes suffer the same statistical risk, but the damage thats caused by the loss of a single parent can be doubly devistating.
- 37% of couples have at least one dependent child
- 11% are one parent families with at least one dependent children
The sad but true reality
Statistically, the ABS categorise a married person as being between the ages of 15-64 years.
In 2014 there were 11,237 married people who passed away unexpectedly.
- This equates to at least 31 families per day losing a family member.
- As 48% of families have at least 1 dependent child, this means at least 15 families per day lose a parent in Australia.
- The same will happen tomorrow and every day thereafter.
We want to help Australian families and small business owners put a backup plan in place, so their family is protected from the financial consequences these events will bring.
The financial reality
- 63% of families had less than a week's warning prior to their spouse or parent dying
- 1 in 3 families moved house within 2 years as a result of financial pressure after the loss
- 78% of children who had to change schools due to financial pressure, said their academic performance suffered post-parental death
In our eGuide we identify the avoidable triggers that compound the effect of such a loss on a child.
So what happens next?
Well, that depends if you have a written backup plan in place...