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Bank charges: Parents 'tightening purse strings' following higher bills

Parents could be struggling to pay essential bills and may have to make a loan claim in the future, research from the Citizens Advice Bureau has revealed.

Half of all respondents to the organisation's poll said they are planning to spend less money than they normally would this Christmas, with a similar proportion also planning to reduce their food shopping to cover other household expenses.

Furthermore, three-fifths of the parents surveyed said they have tightened their belts during the last 12 months to allow them to handle other rising daily outgoings.

A total of 46 per cent of respondents are using less electricity than they used to and 38 per cent have insulated their house, while one-third have checked with their energy company to ensure they are on the right tariff.

"Big energy bills and rising daily costs are putting extra pressure on household budgets that are already stretched thin," Citizens Advice's chief executive Gillian Guy said.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801473654-ADNFCR

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