Labor analysis, using data from the Office for National Statistics depicting wealth in the UK, shows that single parents with dependent children had savings of 400 400 from April 2018 to March 2020, compared to all households that had .000 8,000. The cost of living has pushed households across the UK, with 90% reporting an increase in their cost of living affected by rising fuel and food prices. Single parents with dependent children had the lowest average net worth of all groups, followed by single parents with dependent children, with £ 1,700. In contrast, households where the couple is both over the retirement age and have no children have the highest savings, at 6 59,600. The analysis also reveals how the financial burden caused by the lack of savings disproportionately affects women, as women make up 90% of single-parent families. The findings come after ministers were instructed to find “non-budgetary” ways to deal with the cost-of-living crisis on Monday, with Dominic Raab under pressure when asked about the government’s failure to introduce policies to address the crisis. . Labor has called for an emergency budget, with policies that would include an unexpected tax, a discount on business rates and an investigation by the National Crime Agency into taxpayers’ money lost due to fraud. MP Anneliese Dodds, the shadow secretary for women and equality, said: “As pay slips land on the mats across the country today, families are finding out how much more the Conservatives poke out of their pockets while hiking national insurance. “With a savings fund 20 times smaller than the average British household in a cost of living crisis, single parents will feel the pain more than most. “Conservatives think it ‘s foolish to do more to help families with growing bills. “Workers are demanding an emergency budget to introduce sensible, cost-effective, practical measures to help households, including cutting energy bills of up to £ 600 paid through an unexpected tax on oil and gas companies.” Victoria Benson, CEO of Gingerbread, a charity that supports single-parent families, said saving was a “distant dream” for many single parents. He added: “I have heard shocking stories about mothers who have been left without food to be able to feed their children and about people being pushed into poverty because, despite working as long hours as possible, they are unable to cover basic living expenses. “Single-parent families have very little financial flexibility and, while other families may be able to limit the luxuries out of their budget, single parents need to be left without necessities such as food and heating.” Joeli Brearley, founder of Pregnant Then Screwed, said: “We know that single parents were disproportionately affected by the pandemic, especially when schools closed and they could not rely on one partner to support all the extra unpaid work. “Many were forced to quit their jobs or were forced to reduce their salaries at their own risk. Immediately after that crisis they are now sinking into a new crisis as the bills rise dramatically without warning, but the majority are already living by word of mouth. Subscribe to the First Edition, our free daily newsletter – every morning at 7 p.m. BST “We know that extortionate childcare costs do not only create a cost of living crisis, but a cost of labor crisis, especially for single parents. “Our recent survey of 27,000 parents found that three-quarters – 73% – of single parents say their childcare costs the same or more than their rent or mortgage, resulting in more than half – 53% – of single parents to state that you must skip meals or give up heating and fuel to pay for childcare. “At this point we have to ask ourselves what the government really means when it comes to investing in hard-working families, because the single parents, who personify it, are clearly ignored by this government.”
