Survey from Action for Children finds almost half of children from low income families suffer money worries

Almost half of children from low-income households worry about their family finances as the cost-of-living crisis deepens, according to a charity.

A survey found 47% of children from households where the annual income is less than £20,000 worry about family finances.

The research, carried out by Action for Children, also found that 30% of children worry about their family having enough to live on comfortably.

Meanwhile, 14% of children from high-income families, where the income was more than £70,000 annually, worried about finances.

It comes as the Office for Budget Responsibility (OBR) said last week that households are facing the biggest squeeze in living standards since records began in 1956-57.

The research was carried out as Action for Children commissioned surveys of more than 5,000 adults and children aged as young as 11 to explore the biggest issues affecting childhood.

Imran Hussain, director of policy and campaigns at Action for Children, said: “Day in, day out our frontline staff support children grappling to see how they fit into our complex world – navigating big issues including financial worries, climate change and the pandemic.

“Sadly, since we conducted our research, intensifying money worries and the war in Ukraine will leave children feeling the world is a gloomier place.

“The likely fall-out of the Ukraine conflict with even higher energy bills and inflation rates not seen for a generation is a double blow for low-income families already locked in a crippling cost-of-living crisis.

“The pandemic also continues to hang heavy, and its impact will be felt long into children’s futures.”