Credit Action: Free money manual for lone parents

Anticipating the impact of steep rises in everyday living costs, particularly utilities, plus the fall-out from the post-credit squeeze economy, two charities have come together to help one of the groups most vulnerable to such changes: lone parent families.

Credit Action, the money education charity, has worked with One Parent Families|Gingerbread to produce a dedicated Money Manual for Lone Parents. The project has been enabled by financial support from Moneybasics.co.uk, the financial literacy website.

The manual is available free of charge online, from today, so that as the Chancellor prepares his budget for the coming year lone parents will be able to prepare theirs too.

According to Credit Action, there are three key financial priorities for single parents:
- Budgeting - vital to ensuring the most efficient use of money and for keeping in financial control
- Benefits and entitlements, i.e. making sure that any tax concessions, credits, grants, benefits and allowances are claimed - this can be a minefield so the money manual offers detailed guidance through the issue
- Realism

Not enough attention is paid to this last, says Chris Tapp, Director of Credit Action:
‘If any plan of financial management is going to work it has to be realistic, both with what is affordable but also with the life you and your family lead. Well-informed, realistic financial management can enable families to do more of the things they want in life and also avoid the stress and pressure of money worries which can often come about, particularly in times of economic stress such as these.'

‘The aim of the manual is to suggest different ways of managing money to accommodate different wishes and lifestyles. Sound financial management is never about "one size fits all".'

The Money Manual for Lone Parents covers all basic money issues - the pressures of living on a low income, managing debt, benefits and tax credits, and increasing income by working. Complete with a financial jargon buster, and with clear guidance about the financial help available, it will enable lone parents to manage their budgets realistically and effectively.

Printed copies of the manual are available through One Parent Families|Gingerbread's Lone Parent Helpline on 0800 018 5026 - a freephone, confidential service providing practical information and guidance for lone parents. One Parent Families|Gingerbread's team of trained and supportive staff offers help and advice on a wide range of issues, including debt, employment, education, childcare and relationship breakdown.

Natasha Benenson, Helpline Manager, says: ‘This is a really useful booklet for lone parents. I hope that it will help many of them to manage their money more easily, and that it becomes a valuable tool in coping with all they have to do as parents on their own.'

To download a copy of the Money Manual for Lone Parents go to http://www.creditaction.org.uk/single-parents.html

Press Contact:
Amy Brown, 020 7428 5782, amy.brown@oneparentfamilies.org.uk
Chris Tapp, 0207 436 9937, c.tapp@creditaction.org.uk

Notes to Editors

1. One Parent Families|Gingerbread is the leading national charity in England and Wales providing direct services to lone parents and campaigning on their behalf. It runs the Lone Parent Helpline in association with One Parent Families Scotland and produces a range of free publications on every aspect of lone parent family life. It also offers a membership scheme and employability programmes for lone parents who want to move back to the job market, working with private, public and other voluntary sector organisations to deliver these.

2. Credit Action is a national money education charity which aims to encourage better thinking about money and to help people stay in control of their finances.

3. MoneyBasics is a money education website with money management information and tips that has been set up by Credit Action, CCCS and GE Money.