Feed the family
Along with a recent 200 per cent increase in online searches for "food bank near me’ many British parents are expressing anxiety that they won’t be able to afford to feed the family during the summer holiday.
Credit management company Lowell conducted a nationwide study to discover how families are going to make ends meet during a cost-of-living crisis this summer. They found:
- Almost a quarter (24 per cent) of parents are worried they won't be able to afford additional childcare this summer.
- One in 10 (11 per cent) claim they are accumulating an extra £500 worth of debt every month.
- A quarter (25 per cent) are cancelling their summer holidays to make ends meet over the coming months.
- No less than 81per cent are depending on a form of finance other than their main income to provide for their family.
So what are families doing to mind the gap? One in four say they have had to stop adding money to their savings accounts, leaving many families vulnerable to unplanned outgoing costs. A third say they are sacrificing meals out. Other cutbacks include fewer birthday gifts, purchasing no new clothes, no school trips, switching to packed lunches and cancelling planned home renovations or moving to cheaper accommodation.