The rising cost of living is hitting many familiesí ability to save, meaning they are unable to prepare for their childrenís future.
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Research, carried out by charity Family Action, has found that many parents are simply unable to save any money whatsoever for their childrenís future.
It was found that some families have as little as £2 per person to spend on food, after paying for things like housing and fuel costs.
ìThe Chancellor is cashing in on family fortunes at children’s expense. Family Fortunes are hitting rock bottom as parents and children are battered by food and fuel inflation and welfare and tax credit cuts,î said Helen Dent, Family Action Chief Executive.
ìFatalism has set in and many parents can see no hope in the future – with many unable to save for their children’s future. Austerity is breaking the bank for many families with children’s future fortunes and parents’ prospects paying the price,î she added.
The study found that parents are cutting back on certain things just to survive, and are sacrificing their childrenís health as well as their own.
Many parents are now switching to cheaper milk formulas for babies, and cutting fresh fruit and vegetables out of their diet because they are too expensive.
Ahead of George Osborneís Budget announcement on 21 March, Family Action is urging the Chancellor to help families save more.
ìItís all well and good for the Government to be pushing parents to get back to work but a lack of jobs and affordable childcare are making this impossible for some,î added Ms Dent.
ìThe message from our families is that George Osborne needs to show he’s a family man by investing in family incomes and protecting the most vulnerable from further cuts.î
You can compare savings accounts with Money Expert.