Families across the country are being forced to drastically cut their spending as the cost of living crisis continues. The situation is getting so dire, that one in four families say they will have to buy fewer birthday and Christmas presents for their family and friends.
Research, carried out by credit management company Lowell, found that one in five people (17%) are worried that they won't be able to afford food for their families during the summer holidays. Online searches for the phrase "food bank near me" have also increased by 200% over the last month.
John Pears, UK managing director of Lowell UK, said: "Although the summer holidays can provide more opportunity for family time, lots will feel the financial and social pressures to support families over the coming months. The cost-of-living crisis is having a huge impact on many households, and in such an intense financial period, we want to ensure that people know where to find financial guidance and how to live money-consciously, especially during the summer period when children are off school.
