10/06/2024
Figures from the Child Poverty Action Group, the cost of a child report, reveals that in 2023, the full cost (including housing and childcare) of raising a child in the UK was £166,000 for a couple and an eye-watering £220,000 for a single parent.
Single parents pay more because fixed costs like transport are shared between fewer people, so a higher proportion of those costs are attributable to the child.
As a result, single parents are being disproportionately affected by the cost-of-living crisis.
A report from the charity Gingerbread found the financial situation of two in three single parents in the UK is worse than it was a year ago, with one in five using credit to pay for household essentials and a similar number turning to food banks.
The same report revealed one in three single parents have seen the amount of debt they have increased over the past year, with almost half of those finding themselves more than £1,000 deeper in debt. In total, 76% of all single parents are in debt and half of those owe more than £2,000.
If you’re a single parent, it makes sense to get financial advice regardless of your age or income.
A financial adviser has the experience and market knowledge to assess your situation accurately and provide recommendations for suitable products and services.
So, if you’re a single parent and you’d like advice on any money-related matters, we’d be delighted to help.
Call/Whatsapp/Text: 07780882881
or email us at [email protected]
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Approved by The Openwork Partnership on 03/06/2024
