Survey: Up to 75% of single parents with two or more children have no savings

Two thirds of single parents with two or more children have no savings, and compared to last year, 65% of single parents with one child perceive their financial situation as worse, while more than half of them currently have borrowed money, according to a recent survey by EOS KSI Slovakia conducted by AKO agency.

Conversely, up to 67% of seniors said they have built up savings. "This doesn't mean that seniors are well off. However, it can be clearly seen that mothers or fathers who are left alone to raise children are the most vulnerable social group," said the company's director Peter Dvornak, adding that 38% of single parents with one child and 67% of those with two or more children have saved up to €1,000. Single-parent households save more than €5,000 in smaller numbers.

The survey also found that two-thirds of single parents with one child and 42% of those with two or more children feel that their financial situation has worsened year-on-year. Compared to seniors aged 66 and over, more than half rate their situation as unchanged. Only 36% of pensioners said it had worsened.

Single parents have the biggest problem with repaying liabilities and debts. According to the company, only 11% of seniors aged 66 and over currently have a loan or overdue debt, compared to 60 percent of single parents with one child.

Source: TASR