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34% of single parents: “better off on benefits”

One third of single parents in the UK feel they would be financially better off on benefits than in employment, according to new research.

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21% single parents feel like they are letting their children down due to their financial situation
21% single parents feel like they are letting their children down due to their financial situation

Loan price comparison site FairMoney.com recently conducted the study, "One-man band families", to examine how single parent families are affected during continued stages of political impasse.

 

The organisation said there are 1.7 million single parent families in the UK and this research has been produced to raise awareness for the “dwindling state of personal finances that are being neglected up and down the breadth of the nation”.

 

Findings of the research include:

  • 34 percent of single parents agree they would be better off on benefits than in employment;
  • 29 percent of single parents agree that Brexit has left them worried that they will not be able to support their family financially;
  • 26 percent agree their child’s school offers little to no support for single parents;
  • 14 percent have had their mental health affected by the financial situation of single parenting.

FairMoney.com has called upon Gavin Williamson and Robert Jenrick, the secretary of states for education and housing, communities and local government, respectively, to take note of the research and their suggestions to help secure the finances to single parents across Britain.

 

Dr Roger Gewolb, founder and executive chairman of FairMoney.com, said: “Firstly, we need to do more to protect the high-street bank. Since 2015, a third of all banks on the British high-street have been closed. Not only do these banks provide secured loans for those in need, but they offer accessible and face to face financial advice. Through conversations, those who are most vulnerable are less likely to make rash decisions that would in fact worsen their financial position.

 

“Secondly, we want to make a plea for greater school bursaries – 26 percent of people feel that their child’s school offers little to no support for single parents. There must be more provisions in place to assist vulnerable families. Working class and low-income family children are being held back not through a lack of effort, but due to road-blocks that tarnish their school experience. If 21 percent of single parents feel like they are letting their children down due to their financial situation, that tells you all you need to know. This problem needs to be addressed with haste.

 

“Thirdly, there needs to be greater provisions for fairer loans and finance. Since the financial crash in 2008, the large banks have been reluctant to lend money in the same quantities and frequencies.”

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