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Single parents and financial capability

Article by Paymex 5th Mar 2010 00:00

The singl parents pressure group Gingerbread has produced a comprehensive analysis of single parents’ financial capability, the key financial products they have, and their attitudes to managing money. ‘Family Finances’, draws comparisons between single parents, couple parents and the general population.

Findings from the research include:

• Single parents’ income is significantly lower overall than comparable couple families’ income, they do not receive more in benefits than comparable two parent households, and due to part time working earn less when hourly wages are compared;

• When comparing single parents to mothers in couples or the population as a whole, they are much less likely to have personal current and savings accounts, credit cards or life insurance; and

• Single parents tend to keep a close eye on their bank balances than couple parents or the general population, although they are less likely than mothers in couples to keep a written record.