Most parents fall into debt for their children: Survey

A new survey reveals that soaring living costs are pushing the majority of parents into debt.

The survey from National Debt Relief, and conducted by Talker Research, surveyed 2,000 parents of children aged 0-18 last month.

Majority of parents in debt for their children

By the numbers:

The survey found that 63% of parents in debt admitted that their financial situation was preventing them from providing for their children the way they would like – significantly more than the 48% of parents without debt who felt the same way.

For parents in debt (77% of those surveyed), half (48%) said their debt was becoming "unmanageable."

And for many parents, this debt is increasing as they work to make ends meet for their families.

More than half of all parents surveyed said they were struggling to provide for their kids due to the rising costs of living (55%), and 57% of those in debt said it made them feel limited in their ability to grow their family.

Most parents in debt said they want to ensure expenses go towards meeting the needs of their children, with a significant majority (81%) of respondents saying they prioritize providing for their kids over paying off their debt (17%).

In addition, those in debt were twice as likely to neglect both their physical health and mental health than parents not in debt, and 50% more likely to skip meals, according to the data.

Single parents feel greater financial strain

Dig deeper:

Single parents said they were more likely to struggle to provide for their kids because of the rising costs of living (60% vs. 52%). 

In addition, a greater percentage of single parents had debt that was becoming "unmanageable" (53% vs. 45%).

What they're saying:

"Our findings show how deeply debt is reshaping modern parenthood – forcing families to choose between their own financial health and well-being versus their children’s needs," said Natalia Brown, the chief consumer affairs and creditor relations officer at National Debt Relief. 

She added: "As a mother, I know how heavy the emotional and financial toll of providing for a family can be. Debt is becoming unmanageable for today’s parents, and while so many are lovingly putting their kids first, it’s often at their own expense. When the burden becomes too much to carry alone, parents need to know that seeking financial help and debt support isn’t shameful, it’s the courageous choice for themselves and their family."

Parents fear inability to pay for children’s education, medical costs

Dig deeper:

Among all debt types surveyed, parents who still carry student loan debt reported being the least able to save for their children’s tuition. 

Meanwhile, more than a quarter of them said they felt the cost of higher education outweighed its value.That’s because many parents are still facing the burden of pursuing their own higher education, with the average respondent in debt owing $22,896 in student loans.

The inability to afford medical emergencies was the second-greatest fear of parents in debt, with 32% concerned they cannot cover the costs.

What they're saying:

"These widespread fears of inescapable financial struggle show how easily parents can slip into cycles of debt that not only weigh on them, but can also shape their children’s future," Dasha Kennedy, a member of National Debt Relief’s Financial Wellness Board, said in a statement. "But these cycles aren’t unbreakable — with the right support and financial guidance, parents can begin to regain stability and build a stronger foundation for their future and the next generation."

Many parents go into debt to cover summer expenses

Big picture view:

This survey backs up a recent study published last month that 66% of parents who required summer child care said they struggled to afford it. Parents who required it spent almost $900 per child on activities and care.

RELATED: Nearly two-thirds of parents say they’ve gone into debt for summer camp or activities

To offset the expenses, 48% said they cut back on nonessential spending like dining out and entertainment, while 19% said they reduced spending on essentials like groceries and utilities. 

In addition, 86% of respondents wished they could afford to enroll their child in more camps or activities.