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.
"Our report shows that families are particularly concerned about the summer season approaching, and we hope our research inspires people to talk about their finances and start to take control of key areas that are impacting their money the most."
Lowell's survey found that one in 10 Brits claim they are accumulating an extra £500 worth of debt every month. A quarter of parents are worried they won't be able to afford additional childcare while they are at work over the summer holidays.
The table below shows the top changes families say they will be forced to make due to the cost of living crisis.
What changes will you be making as a family to make ends meet in 2023? |
Percentage |
Stop eating out |
34% |
Fewer birthday and Christmas gifts |
28% |
No new clothes |
28% |
Cancel holidays |
25% |
Stop adding money to savings accounts |
25% |
Cancel subscriptions such as Netflix, Amazon Prime etc |
22% |
Switch to packed lunches |
18% |
No school trips |
14% |
Cancel home renovations |
13% |
Cancel courses such as driving or music lessons |
11% |
Sell or change car to a lower-cost method of transport |
8% |
Move to cheaper accommodation |
6% |
Cancel a house move |
5% |
