Fathers anxious about family finances

An increasing number of fathers are being put under pressure when providing for their family, a according to new research by Vouchercodes.co.uk.

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An increasing number of fathers are being put under pressure when providing for their family, a according to new research by Vouchercodes.co.uk.

The report, which was obtained by the Money Advice Service, found three quarters of fathers in the UK worry a lot about their family's finances.

Worryingly, one in five fathers who are anxious about their situation try to keep it to themselves as they do not want to worry their loved ones.

The increased cost of living is making it more difficult for families to make ends meet, especially when income levels are not rising alongside it. This often leads to people falling into debt in order to make it to the end of the month.

For example, many individuals use their credit cards to pay for daily essentials once their bank accounts have been run dry, but this naturally makes it even more difficult to stay afloat the following month.

Almost half of respondents said the rising costs of utility bills is the main cause for concern, with many not knowing how they will pay them every month. Two-fifths claimed weekly food shopping is becoming so expensive they worry about how they will feed their family on such a small budget.

More than half of those surveyed revealed they are more anxious about their household finances and how they will continue to provide for their family now than they did 12 months ago.

Furthermore, over half of fathers said their partner’s earning capability is the biggest worry, with more than a quarter saying they are anxious because their partner either does not earn as much as they do or earn less since they have had children.

It is younger fathers, aged 18-24, who worry the most about their family’s finances with four-fifths admitting they worry a lot, compared to just 66 per cent of fathers aged over 55.

With utility bills, food prices and other daily essentials all rising in price it is important for people to budget accordingly in order to make sure they have enough money to cover it all.

By Joe White

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