Parentdex

Parentdex

comparethemarket.com canvassed parents across the nation for our first ever Parentdex. As high inflation rates continue to dominate headlines, British parents echo their economic concerns.

Are you one of the 3.3million?

Recent figures have revealed that inflation remained at its highest rate in almost three and a half years. While there’s no doubt that this may have sounded alarm bells for households across the UK, our exclusive insight has shown that in general there is a resounding lack of confidence in the future of the UK and its economy by British parents.

In fact, our Parentdex research found that 3.3 million** of you with children are not confident in the UK economy, while 1.2 million of you have ‘no confidence at all’ in the economy. What’s interesting is that this lack of confidence has also worryingly increased in recent years – with just under a quarter of you (24%) stating you feel more confident in the UK economy now than you did five years ago.

While inflation fuels price rises, uncertainty fuels concern

As uncertainty continues to drive a tightening of purse strings for many of you with children, it’s unsurprising that you clearly want the Government to do more. In fact, nearly one in three (31%) of you with children, stated that you’d like the Government to prioritise a focus on the economy in 2017, ahead of other issues including housing, welfare benefits, and the environment.

So, what’s driving this lack of confidence?

Matching the broader economic concerns of UK parents, the rising cost of living also topped the poll for being your biggest personal concern in 2017. Digging deeper, when it came to specific products you were most concerned would rise in price over the next twelve months, the rising cost of utilities came out on top (72%), followed closely by petrol (71%) and household products (including food) (64%).

For many of you, worries around the rising cost of living is equally likely to be compounded by concerns around a reduction in disposable income, with 71% of you understandably concerned about this drop. What’s more, 40% of you feel as though you now have less disposable income than you did five years ago – a stark contrast to the one in five (20%) who said they feel as though they have more.

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Simon McCulloch

Director

comparethemarket.com

“With higher levels of inflation seemingly the only certain thing in the UK economy at the moment, it is unsurprising that there is a growing lack of confidence amongst UK parents.

“Coupled with growing concerns about the rising cost of imported products and a perceived reduction in disposable income, it’s evident that UK parents are definitely feeling the pinch and unfortunately don’t expect that this situation is likely to improve any time soon.”

Personal debt dilemmas 

Adding to the picture painted above, a worrying number of you also admitted that you are in personal debt. In fact - excluding a mortgage - over four in ten (44%) of you stated this was the case, with the figure rising to almost half (48%) for those of you under the age of 34. For some of you, the debt is not insignificant either, with a quarter of you in debt admitting that you owe more than £10,000.  

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