The festive cheer spreads little joy for single parents this Christmas

Christmas puts financial pressure on most people, but according to new research[1] 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[2] 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: