Up to 75 percent of single parents with two or more children have no savings. This is according to a representative survey by EOS KSI Slovakia, conducted by the AKO agency, showing they have no savings and feel they are worse off than a year ago. This population group also confirms problems with repaying their obligations and debts.
Single parents with one or more children are unable to create financial reserves. Two-thirds of single parents (mothers or fathers) have no savings according to the survey results. In the category of single parents with two or more children, this figure reaches up to 75 percent, while conversely, up to 67 percent of seniors aged 66 and older declare that they have savings. 'This doesn't mean that seniors are doing well in our country. However, it's clearly visible that mothers or fathers who are raising children alone are the most vulnerable social group,' analyzes Peter Dvornák, General Director of the debt collection company EOS KSI Slovakia, regarding the survey's conclusions.
Even single parents who have some savings admit that these are minimal. In the vast majority of cases (38 percent with one child, 67 percent with two or more children), the amount is up to 1000 EUR, and only in a smaller number of cases (26% with one child, 33% with two or more children) does it exceed 5,000 EUR.
'If this population group unexpectedly experiences a worsening situation or, for example, loses their job, they almost immediately fall into the state's social safety net. In many cases, however, even that cannot help them live a dignified life,' explains Peter Čanda, Executive Manager of EOS KSI Slovakia.
They are worse off year after year
According to the EOS KSI Slovakia survey, two-thirds of single parents with one child and 42 percent with two or more children feel that their financial situation has worsened year-over-year. When compared to seniors, 36 percent of people aged 66 and older consider their financial situation worse. More than half of them consider it unchanged. 'This indicator shows that the recent pension valorization has outpaced inflation, and seniors also feel the effect of the thirteenth pension payment. However, state assistance for single parents has not grown at a similar pace,' explains Václav Hřích from the AKO agency, clarifying possible causes.
According to the latest census, there are approximately 200,000 single-parent households in Slovakia that are on the poverty line. The non-profit organization 'One Parent' explains that this is a trap into which they have been placed by the system and from which they have no chance of escaping on their own.
Debts and repayment problems
Currently, only 11 percent of seniors aged 66 and over have a loan or overdue receivables, but up to 60 percent of single parents with one child do. Compared to the general population, a high percentage of single parents (10 percent with one child, 25 percent with two or more children) are unable to pay their obligations on time. In the overall population, only 4.4 percent of survey respondents have overdue debts, and among seniors over 66 years, only one percent of people have unpaid debts.
'If a single parent has an obligation with us that they cannot manage to repay, they just need to contact us. We have already helped thousands of debtors,' suggests Peter Dvornák, director of EOS KSI Slovakia, indicating a path to solving problems, and adds: 'There is no one universal solution for everyone, but we will certainly find a suitable approach for a specific debtor, taking into account their difficult life situation.'
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