BANK ACCOUNTS, CREDIT CARDS

Parents suffer financially as school costs rise again

With finances already stretched thin across a number of UK households, the inflation in school costs by 6.89% means that further struggles lie ahead for many families.

Back to school costs have always been a concern for cash-strapped parents, with a vast number of items needing to be purchased in advance of September. However, research by Aviva has revealed that due to inflation of 6.89%, parents could be facing bills of £111 per month on school extras.

According to Aviva, this has meant that a number of parents are now beginning to question whether they can afford to return to work, with their income being insufficient to cope with high child care costs.

According to Aviva’s study, an astounding 95% of families do not feel financially secure. This lack of confidence is leading to many of them reconsidering their financial situation.

A number of people confessed to not using childcare (54%), with a significant proportion (31%) saying that they get friends and family to care for their children for free, allowing parents to remain within their jobs whilst keeping costs low.

However, those who do use childcare say that they find it difficult to manage their finances successfully and can often find it a struggle to pay for all their relevant costs.

Struggling to pay for everyday expenses can put undue stress on people, leading to further problems, meaning that this situation needs to be rectified. A number of people now choose credit cards as a way to give themselves greater financial freedom when it comes to expenses.

Credit cards can provide parents with a great way to make purchases that can be repaid at a later date. However, it is important to compare credit cards which are on offer to make sure that you get the best possible deal.

Tags: bad credit credit cards, BANK ACCOUNTS, basic bank accounts, best credit cards for bad credit history, pre pay credit cards, prepaid credit cards, prepaid mastercard