Credit crunch strikes heart of single parent Britain

Three in four Britons (75%) say they are preparing for financial hardships and serious cut backs as a result of the credit crunch – and single parent families are the family unit feeling most vulnerable (87%) – according to new research from BrightHouse Stores.

At a time when there have been widespread concerns over a series of cost of living hikes – including petrol, heating, food and transport - the new research reveals the extent to which the credit crunch has affected the UK population and the areas where Brits are planning to make cutbacks.

Community retailer BrightHouse, asked a GB representative sample of more than 2,000 people how they feared the credit crunch may impact their lifestyles and daily routines.

The two most widespread fears were having a smaller budget to live on each week (58%) and not being able to put any money aside for the future (43%). On both of these counts, single parents felt most on the edge. They have also overtaken retired people and students in terms of feeling the pinch.

At a time when food costs and risen and there has been widespread concern over the healthy eating habits of the nation, it was alarming to note from the research that more than one in four adults planned to spend less money on food. Single parents were almost twice as likely as other family groups (51% versus 27%) to brace themselves for cutbacks on the daily or weekly food spend.

Nearly three times as many single parent households than two-parent homes are worried about losing their home in the wake of the credit crunch (19% vs. 7%) and one in ten (10%) feared losing their job.


Hamish Paton, Business Development Director, BrightHouse commented: “In recent months there has been a great deal of concern voiced over the financial hardship of key workers, the retired and students. Our research suggests that it is single parents that are the group living on a financial tightrope in credit crunch Britain and more needs to be done to help this important and growing segment of the community.”

“As a community retailer that invests in the communities in which we do business, we understand the pressures that single parent families face, the budgets they work with and the everyday choices they have to make. We acknowledge that everyone, even those on the tightest of budgets, wants to make their home better and our weekly payment plans allow people to live their dreams without getting drawn into a credit crunch of their own.”

For more information, visit brighthouse.info.