One-parent families 'struggle to save' for their children

Lone parents are finding it difficult to save financially for their children, it has been claimed, with five in six not making regular payments into a child savings account.

Recently published research from Engage Mutual Assurance reveals that 16 per cent of lone-parents make regular financial contributions to child savings accounts, compared to 42 per cent of two-parent families.

However, despite lone parents being less likely to give their children pocket money, 17 per cent of single parents help fund their children's education, compared to 16 per cent of two-parent families.

Karl Elliot, 3GB spokesperson at Engage Mutual Assurance, said: "Rising childcare and education costs, along with increases in the cost of living, mean that today's parents are feeling growing financial pressures in bringing up children."

He added that these difficulties can be more pronounced in the case of one-parent families with lone parents living on a single-income.

In his recent Budget, chancellor Gordon Brown reported that the £40-a-week in-work bonus paid to lone parents would be extended to cover the entire first year in work.