According to the research, it costs £15,000 a year to raise a child during its first year due to scores of essential items, but single mothers find it hard to pay for them.
“We have noticed a significant increase in the number of young families, and particularly single mothers, who are sinking into debt,” said Steven Foo, managing director of Debt Assist Direct which carried out the research, in the Chester Chronicle.
“There is a desire to give a child the best possible start in life, but sometimes this can have a massive impact on people’s financial situation.”
While parents typically want the best for their children, the study found that many got into debt because they were not budgeting properly for them.
Celebrity single mothers such as Liz Hurley and Geri Halliwell may be partly influencing this rise as they show that for the wealthy, it is possible to survive independently with a child.
However, for the majority of single mothers, a new baby can mean more debt unless proper budgeting and financial awareness is applied.