Study Shows Spending Habits Of Cool Dads
While many dads may be splashing the cash in order to look cool, they should be conscious that pressure on their finances does not heat up.
Such is the assertion of Friends Provident, which reports that a significant number of fathers are spending money on the latest technological gadgets and designer clothes in order to ‘keep up’ with their children. According to the financial services firm, about a third (34 per cent) of men questioned make such purchases as a result of pressure from sons and daughters. The study also showed that more than half (54 per cent) of dads surveyed view themselves as following the latest fashion trends, with 46 per cent claiming that they regularly download music, videos and podcasts from the internet.
Of those fathers questioned, just under half (44 per cent) are reported to own an iPod or some other kind of mp3 player and use such a device regularly. Meanwhile, about one in four are avid users of either a Nintendo DS or a Sony PSP, with 38 per cent owning a Wii or one of the other most recently released computer games consoles. In addition, it was reported that dads are likely to own the most technology within a household. Furthermore, 59 per cent of current dads believe that they have a better grasp of movements in technology and fashion than their own father did.
However, it is not just the dads who are benefiting from the likes of mp3 players, computers and PlayStations. It was revealed that fathers are spending about 800 pounds on clothes and gadgets for themselves and their children each year.
For those looking for an effective way in which to purchase top-of-the-range gadgetry applying for a low cost loan may be advisable.
Peter Timberlake, head of public relations for Friends Provident, said: “Being a cool dad is not cheap and fathers are spending significant amounts of money keeping up with technologies and fashions for themselves and their children. Many are focusing on the here-and-now, rather than thinking about tomorrow. As men continue to have children later in life, they need to ensure that they have the finances in place in order to stay cool for longer and to maintain the standard of living for them and their children regardless of what the future holds.”
The study showed that 45 per cent of fathers believe they either lack a sufficient level of life cover or are aware that they need to review their premiums. Meanwhile, about one in five do not have this kind of cover at all. It was indicated that just over a third of respondents believe they have an adequate amount of life insurance to make sure their children will be well provided for in case the worst should happen.
Those wishing to impress family members and friends by purchasing the latest designer clothes and computer games consoles, could find applying for a loan is recommended. By doing so, it is possible borrowers can buy such items quickly and effectively leaving them with an affordable rate of repayment. The additional financial assistance a loan brings could also help borrowers to take out comprehensive insurance for these products, in addition to meeting other monetary commitments. In research carried out by Scooter Computer in May 2007, it was revealed that the average electrical gadget purchased as a present costs 120 pounds. However, the study indicated that a total of 1.25 billion pounds worth of items are left unused each year.
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