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.