Working families across Britain are facing a perfect storm of financial strain with school term expenses colliding with mounting economic concerns.
New data shows confidence among employed parents in the nation’s economic future has plunged by 25 points to negative 32 in August.
According to research conducted by consumer champion Which?, parents juggling the costs of uniforms and supplies while preparing for soaring energy bills this winter.
Confidence among parents has fallen far faster than other groups. Pensioners and childless workers reported relatively stable outlooks, while parents’ faith in present finances tumbled 22 points and future household confidence dropped to zero.
Confidence among parents has fallen far faster than other groups.
|GETTY/PA
Nearly nine in ten working parents report concern, a six-point increase since May and the highest level since November 2022, when inflation hit double digits.
Around 1.9 million households missed essential payments last month, from mortgages and utilities to credit bills. Millions more turned to desperate measures.
Some 14.4 million households dipped into savings, cut essential purchases, pawned possessions or took on new debt to make ends meet.
Rocio Concha, Which?'s Director of Policy and Advocacy, issued a warning about the financial anxieties people are facing.
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Ms Concha said: “Our research shows working parents are feeling the pinch ahead of back to school season - with many worried about the economy, their household finances and the cost of everyday essentials.”
She added that winter will only intensify the problem. “As the nights draw in and the weather gets colder, the extra pressure of staying warm and keeping the lights on will add stress to household finances.”
The comsumer expert urged families to seek support if they are struggling to manage the cost of living.
“We’d encourage anyone who’s struggling to seek free debt advice and reach out to their bill provider for help,” she said.
Downing Street insist they're making it cheaper for parents.
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The consumer watchdog’s findings highlight the urgent need for corporate responsibility. With 81 per cent of consumers worried about energy, businesses are being urged to prioritise affordability and support for struggling customers.
Rising education expenses, escalating food prices and looming fuel bills risk pushing more households into crisis, Which? found..
Consumers are being recommended to ensure they maintain open communication with service providers if they are unable to meet payments.
As economic pressures build, Britain’s working families face growing uncertainty. Their stability now depends on both individual vigilance and institutional compassion.
Parents are feeling the squeeze
| GETTYDebt charities warn the number of households falling behind on bills could surge further if inflation proves more stubborn than expected.
Campaigners argue ministers must do more to shield working families from the combined impact of rising prices and stagnant wages.
Energy bills remain a particular flashpoint, with fears that colder weather will trigger a fresh wave of arrears.
Analysts caution that collapsing confidence among parents threatens wider economic recovery, as household spending contracts.