Parents spend less on children according to National Homebuyers
Fears of a recession in the UK and tightening household finances have left many people struggling with financial difficulties.
[UKPRwire, Wed Feb 27 2008] New research from Engage has revealed that many parents are being forced to cut back the amount of money they spend on their children.
According to the firm, one in two people are struggling with financial difficulties to such an extent that they have been forced to reduce expenditures in this way.
It is a shocking statistic but one which may worsen if the forecast recession comes to fruition in the next 12 months or so.
"With the increased cost of food, fuel and mortgages taking effect, our research shows that many parents anticipate finding it increasingly difficult to make ends meet in the year ahead," said Karl Elliott, spokesman for Engage.
"However, we encourage parents to continue saving little and often for their children's future even if it is just £5 each month," he added.
Parents all over the UK will be seeking ways to find extra cash so that they do not have to cut back on the amount they spend on their children. Julian King of fast property purchase firm National Homebuyers says, "Homeowners with financial difficulties who do not want to downsize should investigate a Sell and Rent Back option".
Sell and Rent Back is a property purchase agreement where the homeowner sells their property but remains living there as a tenant. National Homebuyers are the UK leaders in Sell and Rent Back agreements and Mr King advises homeowners considering this option to be cautious over which property buyer they chose.