1.7m single parent families struggling with household bills

1.7 million single parent families, representing 57% of all single parent households with children at home, struggled to pay their bills in recent weeks, reflecting the worsening conditions for millions of families across the UK, according to comparethemarket.com’s Household Financial Confidence Tracker.

The research found that four in ten (43%) two parent households with children also found it difficult to pay bills, and 29% of households without children struggled.

As the cost-of-living rises, financial anxiety is typically higher amongst single parents. More than half of single parent households (51%) state they are often stressed about their finances and 49% fear they won’t be able to pay upcoming bills, compared to 38% of two parent households and 30% of households without children. More than four in ten single parents (44%) also think they will need to take on additional debt via credit cards or loans to be able to afford household bills. The increased money worries mean that 65% of single parents feel worse off financially than they did this time last year, rising to 68% compared to five years ago.

In response to rising prices, the majority of single parents (94%) are cutting back on household spending, with 70% spending less on eating out, 64% spending less on clothes, and 57% spending less on holidays. One in three (32%) single parents have also spent less money on their children, and 29% have skipped meals to save money. Over a fifth (22%) have chosen to move in with family or friends to help with the cost of living or are considering it.  In addition, almost a quarter (24%) of single parents have relied on their bank overdraft to pay bills in the past month.

Eight in ten single parents (81%) have also been trying to save money in the past month; some of the most popular ways to save include using rewards schemes or savings vouchers (37%), switching to value products at the supermarket (37%), and buying second-hand or going to charity shops (24%). As a result, one in four single parents has been able to cut back by £100  or more in the past month to help counter the rising cost of living.

Alex Hasty, Director at comparethemarket.com said “The cost-of-living crisis is squeezing household budgets and it’s becoming harder for families to manage day-to-day spending. Families are trying their best, despite very difficult circumstances. Our research shows single parent households are increasingly struggling with the rising costs. Many single parents are not only cutting back on luxuries, such as meals out and holidays, but also taking more extreme measures such as skipping meals. Concerningly, lots of single parents have been forced to take on additional debt through new loans or overdrafts to cover household bills.”