New parents ‘may risk debt’
Article Category: Debt Management Help and Advice
Marketing pressures may be adding to the risk of debt for new parents, it has been claimed.
New research from online bank Egg shows that 32 per cent of new mothers feels pressurised to spend money on certain brands, with 23 per cent feeling compelled to buy a designer buggy while 12 per cent stated that they were under pressure to purchase an expensive highchair.
Pressure to conform to a particular ideal of beauty was also claimed by the bank to be possibly exerting a negative influence on new mothers’ debt management capabilities, with the average amount spent on personal grooming by a new mother standing at £123.
Some 87 per cent of recent mothers said that they bought new clothes and had their hair done shortly following the birth of their new child, although the smaller figure of 2.8 per cent employed a personal trainer.
"Financially a new baby can cause havoc because of the combined burden of extra costs and reduced income," noted chief marketing officer Alison Wright.
Meanwhile, Sainsbury’s Bank recently warned that school-age children may incur added expenses during half-term as the risk of home contents breakage rises when young people are playing at home.
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