MILWAUKEE, Sept. 13, 2018 /PRNewswire/ -- Today, Northwestern Mutual released findings from a new survey that shows nearly 80 percent of parents said the memories they cherish most with their families are the ones made right at home. And while nearly 85 percent of parents said they would spend more time together at home if it were more fun, 40 percent said they're on the fence about new projects due to the stress caused by spending money on them.
To encourage families to create more meaningful experiences together at home, Northwestern Mutual is calling on kids and families across the country to share their ultimate home experience with the launch of the #IfItWasUpToMyKid contest, part of the company's "Spend Your Life Living" campaign.
"Between technology, work-life imbalance and competing schedules as kids head back to school, families are struggling to be present and to connect on a more personal level," said Aditi Javeri Gokhale, chief marketing officer, Northwestern Mutual. "With this contest, we want to encourage families to make experiences happen today, at home, by taking inspiration from their creative kids."
Backyard glamping experience? Indoor trampoline park? At-home drive-in movie theater? Beginning today, parents can submit the inspiration for their child's dream home experience by sharing a video or photo with caption on Facebook, Twitter or Instagram, using the hashtag #IfItWasUpToMyKid. For more information on how to enter, visit www.IfItWasUpToMyKid.com.
"We love that people have big ideas for today and for their future," Gokhale said. "Whether you're planning for a wedding or planning for retirement, thinking about college or want to give your kids life experiences now, Northwestern Mutual offers advice, support and a solution for the wants and needs of every stage of your life."
Northwestern Mutual launched its "Spend Your Life Living" campaign late last year with the goal of reframing people's ideas around planning for their financial futures, and to help them feel empowered to make the most of life every single day.
Northwestern Mutual Survey Findings
Based on a survey of 1,000 U.S. parents who were asked about the importance of family experiences, Northwestern Mutual found that:
- Everyday challenges stand between families spending quality time together.
- More than one-third of parents say their kids spend more time on their tech devices instead of with their families each day.
- 84 percent of parents say their families would spend more time together at home if it were more fun to spend time there.
- 40 percent of parents cited financial concerns as the main reason they don't take on more home improvement projects, because they feel guilty or anxious about spending money on them.
- The No. 1 place where the most cherished family memories are made is at home.
- A staggering 81 percent of respondents agree that the family memories they cherish most were made at home, rather than away from home.
- More than half (63 percent) of parents believe a staycation would be a better way to make memories with their families than a vacation away from home.
- More parents are investing in their homes for quality family time, not for resale value.
- 70 percent of parents prioritize the time and use their family would get out of a home design project over the resale value it would add.
- On average, parents spent over $5,000 on their last home design project.
- Parents are turning to their kids for home inspiration.
- Parents value their children's input in home renovation ideas even more than their own, with 77 percent of people saying that their families would spend more quality time together in a space inspired by their child(ren)'s ideas rather than their own or their partner's ideas.
- Despite the popularity of looking to social media for design and DIY inspiration, 56 percent of parents believe their children are more creative sources for home design ideas than outside sources.
The survey was conducted by Wakefield Research among 1,000 nationally representative U.S. parents with kids ages 17 and under living at home. The survey took place between June 6 and June 12, 2018, using an email invitation and an online survey.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, whole-picture planning approach, we empower our clients to make the most of every single day and plan for important moments in their future. We combine the expertise of our financial professionals with a personalized digital experience to help our clients navigate their financial lives every day. With $265 billion in assets, $28.1 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to 4.5 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company manages more than $125 billion of client assets through its wealth management and investment services. Northwestern Mutual ranks 104 on the 2018 FORTUNE 500 and is recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2018.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
SOURCE Northwestern Mutual