More than 8.5 million children are living in families with less than a month’s savings to fall back on, analysis by the charity reveals today (23 April), with parents that have lost their jobs or are now unable to work because of coronavirus facing financial hardship.
With ongoing problems with claiming for universal credit and delays to vouchers for free school meals, Action for Children is warning these families are now teetering on the brink.
Before the pandemic, nearly two-thirds of all children (63 per cent) in the UK, were living in families with savings less than the average monthly income of £1,569.
The children’s charity analysed data from the Family Resources Survey, and also found that half of children are living in families with no savings at all. The median monthly income £1,569 for families with children was calculated by averaging the median household income for families with children for the years 2015-16, 2016-17 and 2017-18 from the survey.
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