The Effects of Money Worries Especially If You Are A Single Parent

The last few years have been very tough in regards to family finances. Inflation was at an all time high of around 11%. This was making the cost of living particularly difficult as wages were simply not matching the rising costs of food and fuel etc. In fact, just about everything we need to buy to live.

If you are a single parent managing your finances can be even more difficult, and money worries can be very stressful. It can affect your mental health and, let’s be honest, there is still this stigma surrounding debt and mental health so many people just don’t open up and talk about their problems which consequently can create an even bigger problem.

MoneyPlus wants to start a conversation on the particular challenges that single parents face on a daily basis. MoneyPlus conducted a survey of 1,000 single mums and dads to share their problems and stories and reassure them they are not alone. The survey results are compiled in full in this excellent article: Navigating Finances as a Single Parent.

Here are a few of the financial concerns of single parents that were highlighted in the article:

The survey concluded that 58.30% feel that their current income does not meet their families financial needs. What’s more concerning is that 85.20% are worried about their financial future and there is no doubt that this is a staggering figure. Imagine being in that situation. The effects on your mental health could be staggering.

In the survey, single parents were asked what their biggest financial concern was and the results are really quite frightening, although not particularly surprising.

• Debt 15.70%
• Not having savings 20.70%
• Childcare 12.20%
• Not being able to afford food/bills 44.50%
• Other which included holidays, future care costs to name a couple 6.90%

When you look at those results, the one that stands out as very worrying is not being able to afford food and bills. These are two parts of life that most of us take for granted, but when you are on a tight budget as a single parent more often that not you will have to decide between eating or heating the home. These are basics of life and shouldn’t be a choice. They should be a given, especially in a first world country like the UK, but unfortunately that is not the case.

The impact of debt on your mental health can be huge. The single parents were asked if they felt overwhelmed being a single parent. 68.30% said yes. Also they were asked if they felt lonely. A massive 62.90% said yes. This is what debt can do. It makes you feel isolated as you try to juggle the costs of life and this is why it’s important to talk and stop the feeling of been overwhelmed and to get advice to manage your finances.

Take a read of the full survey. You will be, like me, very surprised and shocked at the results and how difficult it is for single parents financially.

I would love to hear your views on the survey in the comments below.