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Parents going deeper into debt due to cost of living and child care crisis

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Parents The whole of the UK is facing “worrying” levels of debt – and financial experts believe it is only getting worse amid the cost of living crisis.

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Research by CreditFix It was found that of the 143,000 people who were helped by a personal insolvency provider between January 2016 and July 2022, the average debt level for under-18s was £17,402.

In comparison, the national average debt level is £15,998.

Layla Johnson, regional manager at CreditFix, said almost half (47%) of her customers are parents – and data shows the added costs of parenthood are driving up debt levels.

“The rising cost of living means that we are expecting to see this additional strain on households continue,” she warned.

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“The figures across the UK paint a worrying picture – we know mortgage and rent costs are rising for many people alongside other essentials like energy and food bills.

“In this environment, parents are confused and desperate – and forced to make tough decisions about what to cut in order to stretch the budget as far as possible.”

HuffPost UK previously reported that, as the cost of living approaches, some parents are turning to candles at night to save electricity.

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(tags to translate) money

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