The annual UK Parent & Cost of Living Report* from VoucherCodes.co.uk has revealed that the increased costs of living means 39 per cent of UK parents are having to spend more on day to day items for their children than ever before and are therefore struggling to keep up with the financial strain of raising their children.
As purse strings have tightened over the last 12 months, parents have had to increasingly monitor and adjust their spending habits. Two in five (41 per cent) of UK parents turned to secured credit or borrowing from friends to make ends meet; 16 per cent borrowed from friends and family, 15 per cent took out credit cards and 10 per cent took out a loan to provide for their children. This is up six per cent from last year**. Nearly a fifth (18 per cent) dipped into their savings, and around one 12 (8 per cent) has gone into debt to buy things for their children. Although a budget can help keep the family finances on track, a third (33 per cent) often find they end up with unexpected costs they simply can't predict.
The UK Parent & Cost of Living Report has also revealed half of UK parents (48 per cent) have cut down on spending on themselves, including clothes and furnishing for the home to make sure they can provide for their children. A separate report from VoucherCodes.co.uk*** revealed the rising cost of utility bills (60 per cent) and food (43 per cent) have become the UK's biggest financial concerns, therefore it is no surprise parents are having to be more savvy at meal times. In the last 12 months, over half of parents (52 per cent) bought less food or cheaper branded foods, 43 per cent consciously wasted less food, for example by using leftovers, and 47 per cent turned to buying in bulk or using BOGOF offers. Over a third (34 per cent) started to make packed lunches to save some money, and nearly half (44 per cent) of UK parents revealed their savvy side and turned to online voucher codes and discounts to soften the blow.
Children grow up fast and adult fashion trends are constantly changing, so it can be a struggle keeping on top of the families' wardrobe. Over half of UK parents have cut down on buying new clothes over the last 12 months (52 per cent), while 22 per cent have turned to charity shops and second hand goods in order to save money.