Report highlights money woes of Britain’s single parents

A report from Legal & General (L&G) has highlighted the extent to which single parents in Britain are feeling the squeeze of the credit crunch.

According to the insurance firm one-third of single parents have changed their holiday plans as a result of their financial difficulties, compared with only 26 per cent of typical households.

Many single parents are struggling to cope with their debt management pressures and nine in ten have adjusted their home lives in order to ease the financial strain, compared with 82 per cent of two-parent families.

“The research highlights just how much our homes and home life can change as a result of wider influences on our lives,” said Ruth Wilkins, head of communications at L&G’s general insurance business.

Meanwhile, the Cheshire Building Society is encouraging its customers and the British public to prioritise the repayment of their most burdensome debts.

By Dan Mather