The figure is almost double that for all UK adults (12%). In addition, one in three (33%) parents with at least one child under 18 have no savings for a rainy day, this compares to less than one in four (23%) UK adults.
Almost half of StepChange’s clients are parents with dependent children. YouGov polling for the charity revealed the financial pressures facing parents ahead of the school summer holidays.
It found that one in six (16%) parents with at least one child under 18 have used a credit card to pay for essential household bills in the past three months, compared to one in 10 (10%) UK adults.
Simon Trevethick, head of communications at StepChange Debt Charity, said: “Rainy day savings can be a lifeline for dealing with unexpected costs, but the rising cost of living has made it harder and harder to save – something which is felt particularly by parents with school age children. The summer holidays can bring a lot of excitement for families, but with that can be money worries of how to keep the kids entertained, cover any childcare costs and put food on the table.
“While it can be tricky, it’s important to not pressure yourself into spending more than you can afford and risk triggering debt problems – it’s definitely possible to have fun and make memories on a budget. If you are relying on credit to cover costs during summer while finances are tight, always be mindful of repayments in a month or two and whether those will be affordable. Remember, if you are struggling with debt, you’re not alone – at StepChange we can offer free and impartial advice that will help you get back on track.”
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How parents can avoid debt problems this summer
Plan your summer budget
It might sound simple. but having a detailed budget can help to keep track of your finances and how much disposable income you have to go toward activities, food, any planned holidays and other costs.
Check for council freebies
If your child is eligible free-school meals, you should check what your local council has on offer as part of the ‘holiday activities and food programme’. This provides healthy meals, activities, and free childcare places to children from low-income families.
Check out the supermarket
Many large supermarkets offer ‘kids eat free’ or for £1 deals during the summer.
Go to your local library
There are often lots of free or cheap activities on offer at the library – including the Summer Reading Challenge, which launched on the 5 July and encourages kids to keep reading over the summer.
Use debt carefully
Be mindful when relying on credit cards, Buy Now, Pay Later (BNPL), or other forms of credit.
Look for grants
Check if your local council offers any grants for school uniform. It may feel early to be thinking about this, but it’s worth factoring it into your summer budget before September.
If you are struggling with financial commitments or credit repayments, speak to your creditors who will have support in place. Don’t hesitate to get in touch with a free debt advice organisation like StepChange if you’re worried about debt.
