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Feeling the Strain - The Impact of Cost of Living Rises on Family Finances and Wellbeing
Created: 27/11/2023
News/Events Category: Children and Families
This item will show under the following categories: Health and Social Care
A new report by The Children’s Society provides new and detailed findings into the pressing challenges faced by many families today.
The report draws on responses from an online household survey contracted annually by The Children’s Society as part of their long running Good Childhood research programme. The survey was conducted between May and June 2023, with responses from a sample of over 2,000 adult parents or carers, and a child within their household aged between 10 to 17, from across the United Kingdom.
Key findings:
- Overall, 82% of parents and carers indicated they were 'very' or 'quite' concerned about the impact of the cost of living on their households over the next 12 months.
- One in ten (10%) parents and carers reported that they ‘always’ ran out of money before the end of the month (between January and March 2023), and a further one in seven (14%) reported that they ran out of money ‘most of the time’.
- While 10% of children reported low wellbeing overall, for children in households in financial strain this was 16%, compared to 8% of children in households that were not in financial strain.
- 20% of children who thought that their family was ‘not very’ or ‘not well off at all’ had low wellbeing, compared to 8% of children who though their family’s wealth was ‘average’ compared to their peers and 4.2% who thought they were ‘very’ or ‘quite’ well off.
- Following on from this year’s insightful Good Childhood Report, these new and detailed findings set out in (Feeling the Strain) provide more than mere statistics - they offer a candid insight into the pressing challenges faced by many families today and amplify the voices of those grappling with rising costs of living.
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