Parents expect to feel the pinch as summer holidays aproach
- New research reveals nearly 2 in 3 parents of under 18s are worried about their household’s financial situation
- HSBC UK and Shelter team up to boost support for those with housing related financial worries
Actor climbing a 3.5-metre rotating climbing wall, symbolizing the struggle people who suffer from homelessness endure (22 June at London’s Kings Cross Station)
New figures released today show that 62% of parents with children aged 18 years or under are worried are about their own or their household’s financial situation as cost-of-living pressures continue to impact. This is compared to 45% of all adults who said they were worried about their own or their household’s financial situation.
62% of parents with children aged 18 year or under also say they expect to face more financial stress paying their bills over the next six months.
The research by YouGov, commissioned by HSBC UK as part of their partnership with homelessness charity, Shelter also reveals that 48% of parents with children aged 18 or under are looking to cut back or sacrifice a holiday or trip over the next six months in order to meet their financial commitments.
However only a third of these parents (33%) said they would be likely to contact their bank or building society for guidance and support if they got into financial problems.
Previous research from YouGov showed a worryingly low level of awareness that contacting their financial services provider to talk about money worries need not affect their credit score. Only 3% of people are aware they can contact their bank or building society to discuss their financial worries without it impacting their credit score.
HSBC UK and Shelter recently announced a new multi-year partnership to help over a million people at risk of losing their home during the cost-of-living crisis and build financial resilience to help prevent homelessness. The partnership will boost the capacity of Shelter’s emergency helpline and webchat support and develop digital guidance and tools to build people’s financial resilience.
Ian Stuart, CEO, HSBC UK said: “With inflation remaining high, many families are facing a challenge to make their budget work. Keeping a roof over the head of a child is one of the biggest priorities of any parent. So, it’s important that if any customer is struggling to pay their bills they do come and talk to us early - we are here to help.
“It is also why our partnership with Shelter is so important. Together, we want to help more people access guidance and meaningful support to build greater resilience for the people who struggle the most.”
Polly Neate, chief executive of Shelter said: “We are in the middle of a housing emergency that is only getting worse as more and more families are seeing costs rocket. Our emergency helpline is hearing from parents are who struggling to keep their heads above water as bills spiral, and are desperately worried they could lose their home. But getting help and advice early can make all the difference, with HSBC’s support Shelter is here to provide free, expert support for anyone who is struggling in this crisis.”
Notes to editors:
The YouGov research was conducted on behalf of HSBC UK. Total sample size was 2023 adults. Fieldwork was undertaken between 16th - 19th June 2023. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
The previous research carried out with YouGov was conducted on behalf of HSBC UK. Total sample size was 2106 adults. Fieldwork was undertaken between 5th - 6th April 2023. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Photo handout: Actor climbing a 3.5-metre rotating climbing wall with the message “No bank account, means no job, means no home, means no bank account...” circling, symbolizing the struggle people who suffer from homelessness endure on Thursday 22nd June at London’s Kings Cross Station.
About Financial Health
A lack of financial resilience can magnify the impact of an initial income shock, leading to significantly more serious consequences:
- One in six UK adults have no savings (Source: Money and Pensions Service)
- One in five (12 million people) now borrowing to pay for food and other essential bills, with half doing so for the first time. (Source: Money and Pensions Service)
- 17% of people are borrowing to meet the cost of their rent or mortgage, of which 52% for the first time. (Source: Money and Pensions Service)
About the National Housing Emergency
Poor financial health is a consequence of our nation’s housing emergency, and rising housing and living costs are pushing more people to the brink of homelessness:
- At least 271,000 people were homeless in England on a single night in 2022 (Source: Shelter, 2023)
- 70% of callers to its emergency helpline say the cost of living crisis is making their housing situation worse (Source: Shelter, 2022)
- A third of private renters rely on housing benefit to cover rent but it has been frozen since 2020 despite rents reaching record highs (Source: Shelter, 2023)
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.
About Shelter
Shelter exists to defend the right to a safe home and fight the devastating impact the housing emergency has on people and society. Shelter believes that home is everything. Learn more at www.shelter.org.uk.
More information
Neil Fleming, HSBC UK, 0738 479 2051 neil1.fleming@hsbc.com
Shelter Media Team: press_office@shelter.org.uk / 0344 515 2162