British parents who send money abroad are taking up extra jobs to cover the increasing cost of living, it has been revealed by digital payments company WorldRemit.
The study found that parents are most worried about being able to cover the cost of utility bills, (67%), rent or mortgage payments (45%), and household and essential goods (40%) in 2023 as the cost of living crisis bites.
Spending quality time as a family is crucial to children’s happiness and development, but parents are sacrificing many little luxuries enjoyed with family.
For example, 37% will spend less on travel this year, such as holidays and visiting family abroad, and 35% of parents are spending less on entertainment (dining out, theatre and cinema).
When asked about how they are allocating their budget differently in 2023 the majority of parents (70%) confirmed they would, with almost a fifth (18%) saying they want to, but cannot afford to.
However, parents with financial obligations to send money abroad are showing resilience: Side hustles, particularly in delivery, babysitting, tech support and hospitality, are becoming increasingly popular with parents – with 57% taking up a second job since the pandemic, and 85% intending to continue their extra job over the next year.
“The inventive solutions, such as side hustles, that we are seeing as a result of the current economic landscape point to the resilience of migrants and their commitment to financially supporting loved ones overseas,” said Karen Jordaan, Head of UK, WorldRemit. “These findings demonstrate the grit of economic migrants in adapting to wider financial stresses and the rising cost of living while still meeting the needs of their families at home, and abroad.”
Such research helps to illustrate how the cost of living crisis is impacting parents’ mental health and family time, as they continue to support their loved ones at home, and afar.
