In the annual survey by MaPS released in February 2024, it was found that one of the main profiles for people in the UK who are in need of debt advice were households with children and low incomes, with 73% found to have an annual household income of less than £30,000 before tax.
Having and raising a child is expensive; from new clothes and school uniforms each year, to days out and activities to keep kids entertained. The Money Charity estimated that by the end of last year, the cost of raising a child to their 18th birthday in the UK:
- Cost an average of £9,227 a year for a couple to raise a child from birth to the age of 18.
- Cost an average of £12,242 a year for a lone parent family to raise a child from birth to the age of 18.
There are many reasons why parents have built up unaffordable debts such as rising living costs, housing costs and low-paid or insecure work.
Men’s Mental Health
It can be difficult to open up and talk about having debt repayments. We know that many of our customers delayed seeking debt help because they felt embarrassed, ashamed or afraid of being judged.¹
As well as the stigma around debt, there are stigmas and stereotypes surrounding gender roles as well. In Scotland, men often feel as though they must hide their worries, insecurities and stress to appear mentally strong. Within the family, men often feel as though they must be the higher earner and take care of their family financially. If financial struggles arise, it can be hard to admit that help is needed; and, it can be even harder to eventually reach out for this help.
It’s important to remember that mental health applies to us all. Although gender differences can play a part; we can all struggle. Women in debt are more likely to open up with their struggles than men, as well as impacted by different factors such as the gender pay gap.
We understand that talking about money can be a difficult subject and it weighs heavily on many of our customers’ mind before they first approach us. However, as often as we hear this from our customers in our TrustPilot reviews, we also hear about their relief after speaking with one of our debt advisers. Once receiving the tailored debt advice that we can provide here at Trust Deed Scotland®, customers have said that they wish they had reached out sooner.
“It’s like a weight’s been lifted off my shoulders. I cannot thank Jacqui enough for everything she had helped me with. Also Gemma who helped me too. I wouldn’t hesitate to recommend Trust Deed Scotland to anyone experiencing the same financial difficulties. You’ve nothing to lose by enquiring. There is no pressure and everything is explained step by step. I wish I had contacted them sooner.” – Steve
Debt Help for Parents
If you are struggling with family finances, you are not alone. Here at Trust Deed Scotland®, we speak to thousands of mums and dads every year with unaffordable debt and advise them on the best solution for their circumstances. Almost half of our customers have entered a debt solution with at least one child to support.²
We can help you manage your debt, so that debt worries and stress don’t have to get in the way of enjoying time spent with family.
Creating a stable financial future for your family can be easier than you think. Contact us for debt advice and feel in control of your finances again.
“I gave Trust Deed Scotland a call and they were extremely helpful and understanding and made no judgements. Soreena was absolutely amazing with helping me and now that I have a plan, I feel like a huge weight has been lifted and I can start enjoying family life again without worrying about debts controlling my life, best thing I’ve done.” – Jamie
¹ Survey results taken from November-December 2023 with 2,246 Trust Deed Scotland® customer responses.
² February 2024 Trust Deed Scotland® and Harper McDermott data.