Nearly one in two single parent families (48%) claim to have no money left at the end of each month and have an average total savings pot of just £500, compared to a national average of £7,061.

These are just some of the findings of research carried out by the Birmingham Midshires as part of its Saving Britain 2002 campaign. The latest Birmingham Midshires report has revealed the spending, saving and lifestyle habits of single parents and singletons.

Although the standard 2.4 child household is still the norm for many, 22% of all families are now single parent families, while there are now nearly 5.5 million people (5,413,000) aged between 20 and 30 who are single, as the trend of delaying starting a family to build a career continues.

The report shows just how tough things can be for many single parents and how well they cope on a tight budget. In comparison, the research reveals how many 'Bridget Jones' style single people have a 'live for the day' attitude, which could cause financial difficulties in the future.

The main findings were:

Saving Levels: The average total savings level in the UK is £7,061, yet single parents claim to have an average level of savings of just £500, the first indication of the financial pressures single parents have to deal with. Also, 33% of single parents have no savings whatsoever compared to 16% nationwide. Singletons fare much better with average savings of £3,889. However, one in four (25%) young singles still don't have any savings at all, preferring to live today and pay later.

Money Management: When it comes to monthly budgeting, single parents have to be as accurate as any Treasury official. One in two (48%) single parents will not have any money left over at the end of each month, with those that do having just £30, indicating how difficult it is to meet their monthly outgoings, to strictly budget their spending and to save cash. In comparison, young singletons have an average of £87 left over each month. And despite having more cash, many manage their money poorly as 38% claim they will have nothing left at the end of each month.

Fears for the Future: The two groups of people have very different outlooks for life in ten years time. Unsurprisingly, one in three (33%) single parents say their biggest worry for the future is providing for their family closely followed by unemployment (32%). For young singletons, however, 29% are worried about becoming unemployed followed by 20% who are concerned about not being able to afford their first home. Again, the findings support the need to help people get into the savings habit.

Lifestyle Needs: Single parents have greater pressure put on their finances buying for more than one person. For example, the research shows that it will cost a single parent twice as much as a young singleton to take a holiday this summer. Nationally, 39% of Britons will spend an average of £350 on a holiday, while for a single parent, the average spend is £404.19, indicating the extra cost needed for children to accompany their parent or the cost of childcare to leave them at home. In comparison, single people going on holiday this year will spend just £200. When it comes to evenings out, 41% of single parents spend an average of £42.32 each month on alcohol, while young singletons lead the way to the pub, spending on average £73.43.

Life's Little Extras: What many see as affordable luxuries such as mobile phones and pay TV also needs careful financial management for single parents. Across the UK, 61% of Britons will spend money on cable/satellite TV. For single parents, 68% will spend money on cable or satellite TV, and will spend an average £33.99, indicating that television is central to their entertainment budget. In contrast, 82% of singletons will spend an average of £26.95 on TV viewing in the next few weeks.

Spending Patterns: Financial planning for the future is a balancing act for most of us but for some single parents it takes almost a sixth sense. In light of countless reports of a consumer spending bonanza last Christmas, 24% of single parents are already putting money aside for the festive season compared to just 2% of single people. The findings demonstrate the financial cost of children and the prudent nature demanded of many parents. In addition, 28% of single parents are saving to spend money on home improvements, compared to 6% of single people and a national average of 14%.

Tim Hague, Head of Savings and Investment Marketing at Birmingham Midshires said: "Regardless of personal circumstances, our attitude to money is a crucial factor in deciding our financial well-being. These findings show a sharp contrast in attitudes between two groups of people who have very different demands on their money and demonstrate how important it is for everyone to manage their money and save where possible. With Saving Britain 2002, we hope to understand the range of financial issues facing all groups of people so that we can offer the right solutions and support services they require."