With the furlough scheme set to end in September, many families are left worried about finances; as 41 per cent of families with children believe the Government should extend the scheme because of the financial hardships they may face.
25 per cent of parents are concerned that the end of furlough will hinder job prospects, compared to only 9per cent of workers without children.
Despite the money troubles many parents have, a third of households with children anticipate finances will look better by the end of 2021.
As of December 2020 it was estimated that 8.3 million people in the UK were over-indebted, according to the Money Advice Service; and with the job retention scheme set to end, 55per cent of families with children say they would be forced to take on more debt. Whilst 61per cent saying they would struggle to afford the weekly shop.
Ursula Gibbs, director of comparethemarket.com said, “the furlough scheme has been a lifeline for many households during the pandemic. However, with the new changes that came into effect this month, employers now must start covering some of the payslip, which could lead to a rise in redundancies.”
Gibbs suggested managing day-to-day money and cutting costs wherever possible to help for those struggling. “Small steps can make a big difference when it comes to budgeting and financial wellbeing,” she said.
Many families say they plan on saving more money and will spend less over the coming months in the hopes to improve their financial situations.