According to research conducted by Equifax UK, nearly 60% of single parents felt less confident about their finances in the run-up to Christmas, compared to other times during the year.
After Christmas 2018 and coming into 2019, nearly over 31% of single parents polled felt less confident about meeting their credit commitments and only 23% felt more confident about their financial situation and managing bills; it is clear to see that the cost of Christmas remains to be a financial burden for parents year on year.
Although Christmas can be a wonderful time of year filled with celebration it can also be very stressful for parents. Single parents, in particular, can feel the pressure of managing their children’s expectations.
According to research conducted by Equifax UK, 63% of single parents polled felt under pressure to give their children everything they want at Christmas – even if it meant damaging their finances.
With only 8% of parents feeling they had their money situation under control and 21% of parents admitting to not knowing how they would finance Christmas at all, Equifax has devised an educational infographic which offers practical tips to help single parents with their finances over the festive period.
Searches across the internet around the terms ‘Christmas on a budget’ and ‘Christmas gifts on a budget’ appear to increase significantly in the months leading up to Christmas.
Over November and December last year, more than 10,000 monthly average searches were made around the term ‘Christmas on a budget’.
Lisa Hardstaff consumer credit information expert at Equifax, said “All of the excitement in the run-up to Christmas can sometimes be overshadowed for many single parent families who are struggling to cope with all the seasonal spending.
“Indeed a lot of people may have to rely on credit cards to ease the financial strain, meaning they are likely to go into the New Year with debts.
“This can be even more pronounced for single parents, who only have one source of income.
“Whilst sometimes easier said than done, budgeting and planning for big expenses plays a vital role to help ease the financial burden.
“The crucial element when it comes to budgeting is to gather as much information about your financial situation as possible to see where you might be able to cut back on some areas.
“Even small things like buying a morning coffee on the way to work can all add up!
“Taking small steps to save where possible could really help to ease the financial strain during the festive period this year.”