Family budgets are spiralling out of control with more than half of parents saying their household finances are in a worse state now than last year, according to a report.
With an increased cost of living, 34% of parents also say they are having to cope with finances which are being both squeezed and stretched at the same time.
The figures are from a Your Bank report by Barclays which highlights the concerns and circumstances of British families. A total of 4,213 adults, of which 1,058 had children aged under 18, were questioned for the report.
Some 19% of parents said they did not feel they were in control of their finances and 56% admitted their family budget is now in a worse state than in July 2012.
Many people feared that tomorrow is set to be just as bleak as 82% of parents were concerned about what they can afford in the next 12 months. This figure rose to 85% who said they were worried about family spending from July 2015 and beyond.
Of those who felt their finances were running out of their control, 18% said they were put off managing the situation because they just did not enjoy dealing with it. Another 14% claimed it was all too complicated and they just did not know where to start.
Money was also a thorny issue as 14% said it triggered family rows.
The research was carried with Kingston University Small Business Research Unit with the aim of helping families run their household finances like a successful business.
It also found that many parents who went out to work often ended up putting their home lives to the bottom of the priority list, as 48% said that work took up more of their time and energy.
This state of affairs had happened even though 81% said their home life was more important to them than their work.
Catherine McGrath, ambassador for Your Bank from Barclays, said: "With the cost of raising a child having increased by 4% in 2013, now costing at least £148,000 to raise a child to 18, this is putting an even greater strain on family finances so it is now more important than ever to tackle this head on and help your bank understand how they can assist.
"Parents have a range of transferable work skills, whether it is IT expertise, budgeting tips, negotiation techniques or organisational skills that could really help them manage their family finances if used in the right way."
Professor Robert Blackburn of Kingston University said: "The ever increasing pressure on family finances - rising costs and widening breadth of expenditures - mean that a more systematic approach to managing our money may be necessary."