Ulster Bank launches new financial information

and education initiative - MoneySense – aimed at

lone parents

15th November 2010

Ulster Bank has launched a new initiative as part of its MoneySense programme to provide financial information and education for lone parents. The initiative has been developed in partnership with Gingerbread in Northern Ireland and OPEN in the Republic of Ireland. organisations that advocate for services and support for people parenting alone. Following consultation with both bodies and research with their membership, Ulster Bank has prepared a MoneySense guide for lone parents that address the specific financial challenges faced by this group of consumers.

Managing money and making ends meet is a key issue for most families today, but is particularly challenging for people who are parenting alone. Research indicates these households are amongst the most disadvantaged in society, across a range of social and economic factors. A quarter of families across both the north and south of Ireland are one-parent families.

According to Rachel McAree, Assistant Director of Gingerbread NI, “By being smarter with the money they have, albeit it is not enough, I have no doubt that the information in this booklet will provide real benefits for many lone parents. It is easy to read, it is very practical and focuses on what supports you are entitled to as a lone parent, as well as where to get help if your finances become difficult to manage. Capturing the real-life issues through consultation with lone parents is one of the strengths of this publication” she added.

“Over 54% of lone parents in Northern Ireland live below the poverty line with less than 25% having any savings and as many as six in ten experiencing debt problems*” she said.

Speaking at the launch of the new MoneySense initiative, Jill Smyth, Head of MoneySense for Ulster Bank in Ireland said “Managing money can be much harder work for a lone parent than for families with two parents. Lone parents pay more for their debts than average consumers of financial services. In some cases they are forced to take more expensive forms of credit to bridge the gap between income and outgoings for rent, food and utilities. We sincerely hope that this MoneySense partnership with Gingerbread NI will have a real and positive impact on a very vulnerable section of our society”.

* Census 2008