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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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20% parents faced financial difficulties during pandemic

pandemic

Three in five (62%) of parents who said they needed support during the pandemic have not been able to access it, according to the findings by LV= and charity Family Action

One in five (20%) parents has experienced financial difficulties during the Covid pandemic, a report has found.

And more than a quarter (28%) of parents expect their personal finances to get worse, according to the findings released by insurer LV= and charity Family Action.

The research was based on a survey from December to January involving 4,000 parents across the UK with children aged under 18.

The survey found that three in five (62%) of parents who said they needed support during the pandemic, including financial support, counselling or help from family or friends, have not been able to access it.

The reasons for this included not meeting the eligibility requirements, feeling too afraid to ask, feeling others needed the support more than them, and support being unavailable in their area or not knowing how to access it.

Heather Smith, managing director at LV= General Insurance, said: One of the most worrying findings is the number of parents who have struggled to access support.

We hope that through our partnership, we can help Family Action reach thousands of vulnerable families by increasing the capacity of its FamilyLine helpline and raise awareness of the support available for families who need some extra help right now and in the future, Smith said.

David Holmes, chief executive, Family Action, said: More and more families are facing new challenges, including pressures around finances, parenting, relationships, mental health and more – and many do not know where to turn or may feel too embarrassed to ask for help. We want people to know that support is out there.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.