Credit Cards & Loans
Doing it for the kids: 50% of parents do without to provide for children
Mums and dads are buckling under the financial pressure of raising a family with half of parents going without so that they can provide for the kids.
According to a new report, a fifth of parents admit having a child has exacerbated the impact of the rising cost of living.
The UK Parents & Cost of Living research from VoucherCodes.co.uk highlighted that 35% of UK parents are now spending more on day to day items for their children than ever before and are struggling with their daily finances as a result.
Duncan Jennings, co-founder of VoucherCodes.co.uk, said: “The relentless rise in the cost of living over recent years has left no one unscathed, but it is clear that those parents with children under 18 are feeling the pinch more.
“Many parents now say they are spending more than ever just to provide the basics their kids need. At the same time some of these items, which are not luxuries but fundamental basics such as food and clothes, have now become so expensive that parents say they simply can’t buy them for their children.”
The report also revealed that parents are being forced to dip into savings to pay for their children’s day to day items (22%), while two in ten parents (21 per cent) turn to credit to make ends meet
Parents are also increasingly using online voucher sites and loans from friends and families to make ends meet.
