Money News
8th August 2008
Single mums get the savings habit
Single mothers are prioritising saving to safeguard their offspring's future over cutting their own debt levels, it has been discovered.
In a poll conducted by BrightHouse finds 58 per cent of single mothers said they are budgeting tightly on a weekly basis.
Furthermore, among this group 77 per cent said they prefer to save compared with 28 per cent who are looking to clear their debts.
Meanwhile, a further 77 per cent of mums who are saving said they were doing so for their children's future.
Hamish Paton, at BrightHouse Stores, said: "It’s encouraging that the financial priority of so many single mums is to save money for their children’s future, but many are still struggling with the cost of living, particularly those with no access to credit."
The increasing urge to save among single mums comes as banks and building societies have been offering higher and higher rates on savings products.
This is a consequence of the credit crunch, which has led to more competition among lenders for consumer deposits.
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