Britons claim parenthood in UK financially exhausting
Date
2/21/2024 5:54:57 AM
(MENAFN) A report by the campaign group Pregnant Then Screwed has shed light on the escalating financial challenges faced by families in England when it comes to raising children. The study, published on Sunday, describes having a child in the country as "financial suicide" for many, attributing the difficulties to exorbitant childcare expenses that are pushing parents into debt or even leading to decisions like abortion.
The survey indicates a concerning trend, with 46 percent of parents in England with children under the age of five reporting that they have either fallen into debt or had to dip into savings to cover childcare costs. This marks a significant 30 percent increase from the previous year, reflecting the mounting financial pressure on families.
Key findings from the report include the fact that one in three mothers cannot return to work full-time due to the prohibitive costs of childcare. Additionally, a staggering 70 percent of mothers acknowledge that, after accounting for childcare expenses, working doesn't make financial sense for them. The implications of these challenges extend further, with over half of mothers who have had an abortion citing the cost of childcare as the primary reason for terminating their pregnancies.
Joeli Brearley, the CEO and founder of Pregnant Then Screwed, commented on the findings, emphasizing that England is not only grappling with a cost-of-living crisis but also a "cost-of-working crisis" that disproportionately affects mothers. Brearley argued that the financial strain faced by parents has led to a situation where individuals who want to have more children find themselves unable to afford it.
Highlighting the financial burden, the average cost of sending a child under the age of two to nursery full-time in England is nearly EUR270 (USD342) per week, exceeding EUR14,000 (USD17,728) annually, according to data from the government's Money Helper website. The report underscores the urgent need for attention and solutions to alleviate the financial strain on families, particularly when it comes to childcare expenses, in order to create a more sustainable and supportive environment for parenting.
MENAFN21022024000045015687ID1107879656
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.