Single parents ‘struggling financially’

Saving money for their children is proving increasingly difficult for the growing number of single parents across the country, the financial services provider makes clear.

And in comparison with married parents, lone mothers or fathers are able to put away much less for their children, with the average British single parent saving £67 less per child under the age of 16 than their coupled counterparts.

Karl Elliott, from Engage Mutual, commented: “Rising childcare and education costs, along with increases in the cost of living, mean that today’s parents are feeling growing financial pressures in bringing up children.

“For lone parents, living on a single income, these pressures may be especially hard to deal with.”

Many people in the UK are coming to accept dealing with debt management as a “way of life” Helen Saxon from the Finance and Leasing Association suggested last week.