New research has revealed that almost one in five people (17%) are concerned that they won’t be able to afford food for their families during the summer holidays this year.
As we approach the summer break and families are feeling the pinch, searches for “food bank near me” have increased by 200% over the past month1.
The new data has prompted credit management company Lowell to conduct a nationwide study2 , to discover how Brits are coping under the financial and social pressures of supporting a family during the cost-of-living crisis.
With one in ten of Brits (11%) claiming they currently accumulate an extra £500 worth of debt every month, Lowell has also discovered the sacrifices families have made to make ends meet this year and the concerns for the forthcoming summer holidays.
Lowell discovered that a quarter (24%) of parents are worried they won’t be able to afford additional childcare whilst they are at work this summer and 13% have stated they may need to take unpaid leave to cover childcare arrangements.
What changes are families making to make ends meet this summer?
As many families report that they will struggle to afford essentials this summer, Brits are reducing spend on essential amenities. Almost one in ten (8%) say they have sold or changed their car to a lower-cost method of transport, while 6% have moved to cheaper accommodation.
Furthermore, a quarter (25%) say they have had to stop adding money to their savings accounts, leaving many families vulnerable to unplanned outgoing costs. This could worryingly put many at risk of debt should the unexpected occur.
The survey also polled families on less essential outgoings which their households are cutting back on, with a third (34%) saying they are sacrificing meals out. Other cutbacks include fewer birthday gifts (28%) and purchasing no new clothes (28%).
| 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% |
What are the biggest financial worries for the forthcoming summer holidays?
The UK’s biggest financial concerns this summer include not being able to afford additional childcare whilst working throughout (24%), as well as how much the school break could impact household bills (23%).
Worryingly, 17% of Brits are concerned that they won’t be able to afford food and others are feeling the social pressure of not being able to keep their children entertained (12%). One in ten (9%) are already feeling the pressure to save for the children’s next school uniform in September.
| How do you feel about the upcoming summer holidays? | Percentage |
| I’m worried about how I’m going to be able to afford additional childcare whilst I am at work | 24% |
| I’m worried about how the school break might impact my household bills | 23% |
| I’m worried about how I’m going to be able to afford to feed my family during the school break | 17% |
| I’m worried that I might have to take unpaid leave to cover childcare arrangements | 13% |
| We can’t afford to go on holiday this year | 13% |
| I’m worried my child will miss out because I can’t afford to entertain them during the school break | 12% |
| I’m worried about how I’m going to afford my child’s new school uniform | 9% |
For more information about the findings and for cost effective ways to provide for your family this summer, visit: https://www.lowell.co.uk/about-us/lowells-blog/lifestyle/the-cost-of-having-a-family/
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.”
Sources
[1] Searched on Google Search Trends on 11.04.2023
[2] A survey conducted by TFL Panel on behalf of Lowell, March 2023. 1,000 respondents who are supporting a family
