The festive cheer spreads little joy for single parents this Christmas
Christmas puts financial pressure on most people, but according to new research commissioned by credit information provider, Equifax, single parents bear the brunt of that strain.
According to the Censuswide research, 44% of single parents have missed payments on credit commitments or domestic bills during 2018, with the youngest parents (16 -24) struggling the most (55%).
And the festive season brings further financial stress, as over half (62%) feel under pressure to give their children everything they want, even if it will stretch their finances in the New Year. Older single parents (35-44 year-olds) feel this pressure most with 67% admitting that it’s hard to leave anything off the gift list.
The findings also reveal, that if they lost their main source of income, around 880,000 single parents would last less than a fortnight before having to ask for financial help from family or friends.
To help manage the expense of Christmas the survey found just under a third (31%) save each month to prepare for the costs, with 23% going as far as to buy presents in the summer sales. Yet a fifth (21%) of single parents are still unsure about how they will finance the festivities this year.