As the summer holidays continue, Advice NI is bracing for a surge in calls from Armagh households seeking advice and support amidst worsening financial struggles.
A combination of childcare expenses, escalating costs of groceries and household bills, and the recent peak in interest rates have created an additional strain on families, particularly women and single mothers who are already disproportionately affected by income inequality.
Sinead Campbell, Head of Money, Debt & Quality at Advice NI, acknowledges the difficulties faced by Armagh households during the summer holidays.
She said: “The summer break can be an incredibly challenging time, particularly for parents. With schools closed and the absence of structured childcare, families often struggle to meet their financial obligations while trying to manage children’s expectations during the summer break.
“With mortgage interest rates rising and some households having to have an extra few hundred pounds just to keep a roof over their heads, we know more people will turn to credit to ease their financial pressure, however this will only add more stress in the longer term.
“The rising costs of groceries and household bills has also put immense pressure on family budgets, and with interest rates expected to rise again in line with UK inflation, it’s an extra burden on households already grappling with financial insecurities.”
Economists have warned that a recent decision by the Bank of England to increase interest rates could see these pushed as high as seven per cent to tackle inflation. Inflation, which measures the rate of rising prices, stuck at eight per cent in May, with supermarket food prices amongst those increasing rapidly.
Research from the Women’s Regional Consortium and Ulster University found that many local women are worried about the financial pressures they are facing. Siobhán Harding, Women’s Support Network at Ulster University said: “27 per cent of the women we spoke to were anxious about school costs which is likely to be become an increasing pressure point for families over the summer period as the cost of food remains high and parents are having to buy school uniforms and school shoes. This summer many women will also be feeling the impact of the loss of the Holiday Hunger Scheme with around 96,300 children losing £27 a fortnight to help with the costs of food over the long summer break.”
Advice NI echoes that it is women and single mothers likely be hit hardest due to income inequality and the rising cost of childcare. According to the Living Wage Foundation, 60 per cent of all jobs below the Living Wage in the UK are held by women, and it is women who often spend most of their income on household goods.
Sinead continued: “The ongoing cost-of-living crisis has a huge impact on women with families, and single mothers, leaving them with the daunting task of making ends meet. Especially during the summer holidays where some women are effectively ‘paying to work’ or, in some cases, exiting the workforce altogether to prioritise childcare, leaving them at a significant disadvantage regarding financial stability and providing for their families.”
Advice NI’s free and confidential Money and Debt Service, funded by the Department for Communities, aims to help clients to free their future by providing straight forward advice to tackle the issue head-on.
Once service users call the debt service, expert money and debt advisers provide advice and information to help people regain control of their finances, including bespoke support, budget advice, and solutions to deal with their debt and negotiating with creditors on your behalf.
The charity encourages anyone facing financial difficulties during the summer holidays to seek assistance. By providing practical advice and support, Advice NI aims to alleviate the strain on families and be the first stop in helping to find a solution.
Sinead concluded: “If you are in debt or experiencing financial difficulties, we urge you to get in touch early. We’re seeing more families and households reach out than ever before, and people who’ve never experienced debt before are struggling.
Contact Advice NI by calling the Freephone helpline on 0800 915 4604 to speak directly to an adviser between 9am and 5pm Monday – Friday. You can also visit our adviceni.net and use the Money Talks hub to access valuable online tools and information, such as our budget planning tool to take control of household spending and the Safe Food tool, which provides helpful advice for shopping on a budget.
Advice NI has 65 members across Northern Ireland, with more than 300 advisers providing free advice, including money and debt, in each council area.
Anyone can access Advice NI’s money and debt advice now for free and confidently by Freephone: 0800 915 4604 or by emailing advice@adviceni.net.
