According to new research by Family Investments, many mothers and fathers across the UK are cutting back on the cash they are injecting into their savings accounts each month.
The new research found that parents felt forced to do so in order to keep up with the rising cost of living and bringing up children.
Family Investments, which specialises in trust funds for children and individual savings accounts, says that the savings ability of parents had been badly affected by the economic downturn.
Forty-seven per cent of all the mothers surveyed by the organisation reported that they would be cutting back due to rising food and transport costs over the course of 2011.
Head of savings and investments at Family Investments, Kate Moore, said, “Mums across the UK are attempting to be resourceful, with 62 per cent saying they will go out and eat out less as a family, or buy more supermarket own-brands.”
The downturn had hit short-term savings harder than long-term savings, according to the organisation. However, long-term savings were also affected, with the average family due to save £386.76 less this year than last – a difference of £1.3 billion in total.
