Almost half of Aussie children have had to ‘go without’ something in the past 12 months as the cost-of-living hits families, new research has revealed.
Concerningly, one in ten of the parents surveyed for Finder’s Parenting Report 2023 said their children had had to go without food at some stage in the past year.
A significant 27 per cent of parents said their children had missed out on holidays, while 18 per cent said their children had had to forgo extracurricular activities and 17 per cent said their children had missed out on new clothes.
Finder money expert Rebecca Pike said household incomes were just not stretching far enough.
“As things like mortgage, rent and groceries skyrocket, something’s got to give unfortunately,” she said.
The research coincides with findings in the UNSW Poverty In Australia 2022 Report which found there are 761,000 Australian children living below the poverty line.
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The poverty line works out to $489 a week for a single adult and $1027 a week for a couple with two children.
Pike has urged parents to start an emergency fund so they don’t find themselves in a situation where they can’t put food on the table.
“Small amounts slowly start to add up and provide a buffer when times are tough,” she said.
“Remember, loyalty doesn’t pay when it comes to financial products. Some savvy swaps – like cutting back on subscriptions or refinancing your home loan – could save you hundreds of dollars.”
Pike has advised anyone still under financial stress to consider contacting providers and asking for a payment plan, and calling the National Debt Helpline on 1800 007 007.
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