Do you worry about your finances? If so, a new survey from credit management company Lowell suggests you are in good company: one in three (30 per cent) of parents are constantly worried about money.
The report reveals how parents are impacted on a financial, personal and social level by having children, and also underlines how children are affected by family debt. It highlights the level of anxiety and social isolation that money worries can bring:
- 39 per cent of parents say their debt has socially isolated them from friends and family.
- 43 per cent of new parents say their mental wellbeing has deteriorated as a result of debt.
- 32 per cent are struggling to find money for food and essentials after having children.
- 36 per cent say they can't spend enough time with their child as they need to work more.
Parents were also asked about the shared experience of their families. Sadly, 39 per cent of those surveyed said that they felt they couldn’t give their child the quality of life they would like. And almost a third are struggling to find the money to pay for essential items, such as food bills. To alleviate their financial situation, many parents have had to take on a second job.