Parents ‘cut back’ spending on children

Fears of a UK recession are leading over half of UK parents – 56 per cent – to reduce the amount of money they spend on their offspring, research has shown.

According to Engage Mutual Assurance, 44 per cent of people who have children under the age of 18 are struggling to make ends meet.

Of the parents who claimed they will have to reduce expenditure on their children this year, 24 per cent plan to reduce money on clothes, 26 per cent anticipate buying fewer toys and 22 per cent think they will have less money to put away for their future.

“With the increased cost of food, fuel and mortgages taking effect, our research shows that many parents anticipate finding it increasingly difficult to make ends meet in the year ahead,” said Karl Elliot, 3GB spokesperson for the firm.

He advised parents to continue to try saving, as even £5 a month can make a difference to a child’s future.

According to research by Invesco Perpetual, the cost of bringing up a child from birth to the age of 18 is valued at £43,056.

© Adfero Ltd

Leave a Reply

Your email address will not be published.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