81% are depending on a form of finance other than their main income to provide for their family.
New research has revealed almost one in five people are concerned they won’t be able to afford food for their families during the summer holidays this year.
Searches for “food bank near me” have increased by 200% over the past month. The nationwide poll by credit management company Lowell shows 11% of Brits claiming they currently accumulate an extra £500 worth of debt every month.
John Pears, UK Managing Director of Lowell UK said, “Although the summer holidays can provide more opportunity for family time, lots will feel the financial and social pressures to support families over the coming months. Our report shows that families are particularly concerned about the summer season approaching, and we hope our research inspires people to talk about their finances and start to take control of key areas that are impacting their money the most.”
The survey discovered a quarter of parents are worried they won’t be able to afford additional childcare whilst they are at work this summer and 13% have stated they may need to take unpaid leave to cover childcare arrangements.
Worryingly, 17% of Brits are concerned that they won’t be able to afford food and one in ten (9%) are already feeling the pressure to save for the children’s next school uniform in September.
People are reducing spend on essential amenities. Almost one in ten (8%) say they have sold or changed their car to a lower-cost method of transport, while six per cent have moved to cheaper accommodation.