According to a report from vouchercodes.co.uk, two thirds say they are being forced to spend more on the same food for their children than 12 months ago as prices have rocketed while incomes remain stagnant.

This follows a Markit Household Finances Index report published yesterday which found 42% of households expect their finances to get worse over the next 12 months.

Corinne Sweet, psychologist and parent, said: “A parents’ primary role is to nourish and protect their child, so it’s not surprising that today’s parents are striving to be as savvy as they possibly can be in tough economic times.

“Parents also are hard-wired to put their children first, so stretching the family budget is essential to meet everyone’s needs at home. Women, in particular, like to feel they are making the most of their resources as family responsibilities still lay firmly on their shoulders.”

Parents are being forced to find savvy new ways to cope with the increasing prices with nearly 60% admitting to downgrading to cheaper products to cope.

Three quarters of parents say they have switched to using money off vouchers to save cash when buying food for their kids.

Duncan Jennings, co-founder of vouchercodes.co.uk, said: “Parents should make a habit of always looking online for any useful discounts or voucher codes as it ensures that costs are kept at bay without compromising on quality.

“By making their money go further, parents will not only make ends meet but hopefully be in a position to treat their children and themselves once in a while too.”