Money is the primary concern for many families in the UK – especially in January following an expensive month of spending on presents, food and travel.
However, the family finance index from M&S Bank reveals that parents have a plan to tackle their financial woes in 2014, with over half (56%) saying they will set a household budget.
This compares to 46% of parents who set a budget for their household finances in 2013. However, of those who did have a budget in place last year, 81% managed to stick to it.
Setting a household budget could improve the financial situation parents find themselves in at the end of the month – 37% have less than £100 left in their account and 15% tend to be in their overdraft.
With little left in their bank accounts at the end of the month, 39% of parents are concerned about not having enough put aside if an unexpected expense crops up.
Of those who do have money left, 26% plan to save this, although dads say they save more than mums (30% v 22%).
While dads are set to save more, it’s mums who generally keep a closer eye on everyday finances, with 30% checking their statements daily compared with 22% of dads.
Getting financial know-how up to scratch
While 91% of parents know exactly how much money is sitting in their current account, only 27% know whether there are any charges on their current account.
What’s more, a further 29% are unsure what the APR is on their credit card.
Colin Kersley, CEO of M&S Bank, said: “It’s encouraging to see that parents are taking action to plan their finances for 2014, but to plan effectively families need to be aware of any interest or charges they are paying on their accounts. By understanding all of their out-goings they can look forward to the new year on a sound financial footing.”