New research has revealed that almost one in five people (17%) are concerned that they won’t be able to afford food for their families during the summer holidays this year.
As we approach the summer break and families are feeling the pinch, searches for “food bank near me” have increased by 200% over the past month.
The new data has prompted credit management company Lowell to conduct a nationwide study , to discover how Brits are coping under the financial and social pressures of supporting a family during the cost-of-living crisis.
With one in ten of Brits (11%) claiming they currently accumulate an extra £500 worth of debt every month, Lowell has also discovered the sacrifices families have made to make ends meet this year and the concerns for the forthcoming summer holidays.
Lowell discovered that a quarter (24%) 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.
What changes are families making to make ends meet this summer?
As many families report that they will struggle to afford essentials this summer, Brits 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 6% have moved to cheaper accommodation.
Furthermore, a quarter (25%) say they have had to stop adding money to their savings accounts, leaving many families vulnerable to unplanned outgoing costs. This could worryingly put many at risk of debt should the unexpected occur.
The survey also polled families on less essential outgoings which their households are cutting back on, with a third (34%) saying they are sacrificing meals out. Other cutbacks include fewer birthday gifts (28%) and purchasing no new clothes (28%).
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