40% Parents Borrow Money for Child Essentials UK Ireland US

Recent surveys reveal that families with lower incomes, especially larger households, are increasingly facing financial hardship and relying on debt to cover everyday essentials. In the UK and Ireland, research by the Joseph Rowntree Foundation and Barnardos shows a high percentage of parents borrowing money to afford food, heating, and toiletries, with many skipping meals or reducing portion sizes to ensure their children are fed. The cost of living crisis continues to severely impact families, with many going into arrears on energy bills and cutting back on social activities, clothing, and medical appointments. Barnardos' reports highlight that young and lone parents are disproportionately affected, and the negative impact on children is significant and growing. In the US, a PYMNTS Intelligence report found that 43% of households living paycheck to paycheck with financial difficulties rely heavily on credit cards and loans to purchase essentials, deepening their debt cycle. These findings underscore the urgent need for government policies and financial support measures to address income insecurity and reduce dependency on credit among vulnerable families.