It’s no secret that managing your finances can be difficult, especially if you don’t have all the support you need. Raising a child is a wonderful thing but it also has many costs, from food to clothes to childcare, and as a single parent, all financial responsibilities can fall to you, which can take a toll not only on your finances but also on your mental health.
Both debt and mental health are topics that can be difficult to talk about, particularly because of the stigma that is so often attached to them. With World Mental Health Day on October 10th, debt advice experts MoneyPlus conducted a survey of 1000 single parents, about their biggest financial concerns and how they are connected to their mental health.
THE BIGGEST FINANCIAL CONCERNS FOR SINGLE PARENTS
FOOD & BILLS
The two things single parents spend most of their money on, other than rent or mortgage, is food and bills – with 52.9% saying most of their income goes on bills, and 30.2% saying it goes on food.
The Office for National Statistics (ONS) reported that inflation for food and non-alcoholic drinks was typically 9% in the 10 years prior to January 2022, but from January 2022 to January 2024, this rise was around 25%.
44.5% of survey respondents said they were most worried about not being able to afford food and bills, and 66.2% said they had to cut back or go without essentials like food and utilities; this high percentage shows how difficult it can be to raise a family as a single parent in the current economic climate.
CHILDCARE
When it comes to childcare, the biggest difference between mums and dads is their employment status. The majority of single dads, 69.43%, worked full-time, compared to just 45.39% of single mums, and double the percentage of women were part-time or unemployed compared to men.
Childcare could be one of the reasons for this. 8.67% of single mums surveyed said that childcare was their biggest financial concern, with almost double the percentage, 16.38%, of dads saying the same. 13.54% of single dads said that outside of rent or mortgage, childcare is where they spend most of their money, compared to 7.38% of single mums.
This shows that men are more likely to work full-time and pay for childcare, whereas women may be more likely to work part-time and look after the children at home. But while this may save money on childcare, not working full-time has a big impact on your finances, and a huge 90.77% of single mums worry about their financial future, compared to 78.6% of single dads.
THE IMPACT OF DEBT ON MENTAL HEALTH
Debt is a heavy burden for anyone affected, but it can come with an additional layer of stress for single parents. Juggling bills, childcare, and everyday expenses on a single income can be very challenging – particularly if you’re working part-time to try and save money on childcare – and many parents facing the pressure of being the sole provider, and the fear of falling behind and not being able to provide for their children, can feel worried, isolated, and helpless.
Without another person to make decisions with and offer financial support, being a single parent can take a big toll on your mental health. 68.3% of single parents surveyed said they felt overwhelmed, and 65.1% said their financial situation had negatively impacted their mental health.
When you are consumed with debt, the constant worry can severely impact your emotional wellbeing, and cause financial anxiety; 53.6% said they worry about their financial situation much of the time, and a further 23.5% said they are worried all of the time.
WHAT CAN YOU DO?
This anxiety, on top of all the other parenting worries, can lead to feeling of loneliness – 62.9% agreed – but this survey shows that you’re certainly not alone, and many single parents are facing the same challenges.
With all the responsibility single parenthood brings, it can be hard to prioritise yourself and your own needs, but there is no shame in asking for help. Speak to your GP if you are struggling with your mental health, or get in touch with organisations such as Gingerbread, an advice service specifically for single parents.
If you are struggling with debt, you can visit MoneyHelper to get free advice.