Single mums turning to saving

08-08-2008

Single mums turning to saving
Single mums are more concerned about saving for their children's future than getting themselves out of debt, according to new research.

A study by BrightHouse finds 58 per cent of single mothers are now running their finances and budgeting on a week-to-week basis – in particularly those without access to credit.

And those who are unable to gain credit are also more focused on saving than getting out of debt – with 77 per cent preferring to save and 28 per cent preferring to clear monies owed.

Some 77 per cent of saving single mothers in the poll said they were putting cash aside for their offspring's future and 83 per cent were saving for school trips.

Hamish Paton, at BrightHouse Stores, said: “It’s encouraging that the financial priority of so many single mums is to save money for their children’s future, but many are still struggling with the cost of living, particularly those with no access to credit.

The research also showed some 52 per cent of mums with credit problems are actively helping their kids avoid their problems and teaching them to become more financially literate.

Research by child trust fund provider The Children's Mutual also shows financial planning is spreading to a new generation.

The firm found children as young as 11 are now saving to cover university costs, with nearly a third of youngsters aged 11 to 18 are putting money aside for higher education.

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