According to the latest report by Scottish Widows on personal finance in order to meet their growing financial liabilities a growing number of families are having to have both parents bringing in an income. The survey suggested that as many as 60% of parents with children are getting jobs in order to pay bills. This is in stark contrast to the 36% of families who do not have kids and are reliant on two incomes. There is certainly mounting evidence to suggest that the cost of kids is certainly having a strain on family life.

To add fuel to the fire, not only are both parents having to go out to work it seems that this may not even be enough to make ends meet. The survey showed that the average debt for parents was around £8,000 while it was only £7,000 for those without kids. Although, not a huge difference when one looks at the fact that families with kids have far more outgoings than those without kids, they will find it much harder to pay back debts.

Under this growing strain it seems sensible for families with kids to ensure that they get all that they are entitled to in terms of benefits. For instance, parents with children are entitled to child benefit of around £20 per week for the first/only child and £13 for all other children. In addition, with spring approaching soon it may well be a good time for families with children to take another look at their finances, typically household expenditures. As often is the case that shopping around for a cheaper supplier can be the fastest way to reduce those expenses and help towards easing the pressure.