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42% of families with children at home ‘regularly feel stressed about finances’

·2-min read

Just over 42% of families with children living at home regularly feel stressed about their finances, a survey has found.

One in four (25%) households without children said they regularly feel stressed about money, according to comparethemarket.com’s household financial confidence tracker.

Nearly half (46%) of households with children at home said they had struggled to pay their bills over the previous month, according to the survey of more than 2,900 people across the UK carried out between May 25 and 26.

Nearly two-thirds (62%) of families with children also said they felt more pessimistic about their finances compared with the same time last year.

Comparethemarket.com said nearly two-thirds (61%) of families with children are cutting back on eating out, while many are spending less on clothes (57%) and holidays (53%).

Shopping around and comparing products online (34%), using rewards schemes and vouchers (34%), or switching to value products at the supermarket (34%), were among the popular methods recently used to save money the survey found.

Alex Hasty, director at comparethemarket.com, said: “Rising costs are a concern for millions of households across the UK, with many families with children at home struggling to afford their bills. The significant increase in prices that households are facing could push some to take on additional debt to meet these rising costs.

“Money anxiety is a serious issue that is weighing on more and more UK households – during these difficult times, it is crucial people engage with all aspects of their finances and look for savings wherever possible.

“It might be possible to cut back on some items, such as monthly subscriptions or on certain existing bills, such as motor and home insurance. Comparing policies online is one of the best ways to check you are getting value for money.”

A package of cost-of-living support measures is being distributed.

The Department for Work and Pensions (DWP) recently said that more than 7.2 million payments of £326 have already been made to help households.

A total of £2.4 billion has been paid to households on low incomes in England, Wales, Scotland and Northern Ireland, with a second instalment of £324 arriving later this year.

The support package will also include a £400 grant to help with energy bills, a £150 disability payment and an extra £300 for pensioner households.

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