Single parents are struggling to save for their kids
Single parents are struggling to save for their children’s future, with just one in six making regular payments into a children’s saving account, according to new research by Engage Mutual.
With the number of single parents increasing more and more are under such financial pressure that they are unable to compare savings accounts for their children, let alone open one.
Despite last week’s increased Child Benefit allowance and child tax credit announced in the Budget, the research reveals that single parents are less likely to save for their child’s future as married parents.
Just 17% of single parents with children under 16 made regular payments into a child’s saving account in the last six months, compared to 42% of couples.
Moreover, of those who are able to save, single parents are putting aside significantly less than their married counterparts, saving an average of £122 per child under 16 in the last six months, compared to those married (or living as married) who saved £189 for each of their children.
Karl Elliott, spokesperson for Engage Mutual, said: “Rising childcare and education costs, along with increases in the cost of living, mean that today’s parents are feeling growing financial pressures in bringing up children.
“For lone parents, living on a single income, these pressures may be especially hard to deal with and saving is unfortunately not a priority.”