DAD.info
Forum - Ask questions. Get answers.
DAD.info | Family | Money | Revealed: the impact of financial struggles on the whole family

Revealed: the impact of financial struggles on the whole family

Maya Griffiths

Maya Griffiths

A new study has shown that the cost of living crisis has an effect on the entire family- even children.

90% of respondents reported that financial strain had caused tension between family members. Plus over a quarter said they found it hard to keep up with buying their kids the latest tech and fashion.

Family financial difficulties

With 1 in 10 brits accumulating £500 a month in debt, the ripple effect throughout the family cannot be underestimated- 13% of people reported their children are stressed about the family’s financial situation too.

The pressure on family finances also has an impact on children’s development. 14% said that they struggle to afford sending their kids to school activities. The costs of school residentials, music lessons and trips are a stretch too far currently for many parents.

Stress and anxiety

The study also showed that 26% of people can’t bear to discuss the financial pressure they are under. 19% said their partners are tense about money problems- which may cause relationship problems.

The cost of living crisis is also having an impact on relationships with those close to them. Many people reported they can’t afford trips abroad for weddings or holidays. 20% of people said they felt judged about how much they could spend when buying presents for others, and that their income isn’t as high as that of friends and family.

The cost of living crisis

The crisis began in 2021, caused in part by the post-Covid state of businesses, low energy stores in Europe, and the war in Ukraine causing a surge in oil, gas, food and energy prices.

The rise in living costs is thought to have impacted at least 92% of the country. Energy bills have shot up in price, and food costs more than ever before- but our wages have not increased to match our expenditure.

Help with the cost of living

Currently it seems there is no end in sight, however, there is support available. For those on benefits, you may be entitled to a Cost of Living Payment– see here for more information.

If you’re struggling to pay your energy bills, try contacting your supplier to arrange a monthly payment plan that you can afford. Ofgem have recently reduced the energy price cap, meaning the average UK home should save around £400 on their yearly bill. However, with the price of energy still higher than ever, you can contact Ofgem if you can’t afford energy.

If you’re struggling to afford food for the family, you may be eligible to visit a food bank- more details here.

Finally, you may be able to claim certain benefits- many people don’t realise what they are entitled to. To investigate what you may be able to claim and how, take a look at the government’s benefits website here.

Related entries

De-escalation: how to calm kids down before they explode!

De-escalation: how to calm kids down before they explode!

Did you think that tantrums and explosions would be left in toddlerhood? Sadly, they're not. While older kids and teens are less likely to throw themselves to the floor because you didn't buy them a lolly, they can still be just ask explosive. In a bid to quell those...

How to deal with tantrums

How to deal with tantrums

Tantrums are one of the most stressful parts of parenting. Even the calmest dad can be pushed to their limits by a screaming child in the middle of Asda! Here's some helpful information on how to deal with tantrums to help you manage those miserable meltdowns: Are...

Back to school anxiety: how to help

Back to school anxiety: how to help

It's that time again: up and down the country parents are ironing uniforms, sticking name tags on to blazers and packing pencil cases. But how are our kids feeling? For some, the return to school- or start of school- brings a heap of anxiety. Here' how to help a child...

Latest entries

Life after divorce: legal tips for men

Life after divorce: legal tips for men

A divorce is one of the most life-changing events most people will experience, and isaccompanied by a lot of emotional, financial, domestic and legal considerations. Thinkingabout life after divorce may be exciting, or daunting, or a combination of both, but it is...

De-escalation: how to calm kids down before they explode!

De-escalation: how to calm kids down before they explode!

Did you think that tantrums and explosions would be left in toddlerhood? Sadly, they're not. While older kids and teens are less likely to throw themselves to the floor because you didn't buy them a lolly, they can still be just ask explosive. In a bid to quell those...

Pin It on Pinterest