UK Wedding News
04/03/2014
The study, carried out by the Family and Childcare Trust, found that part-time childcare costs for a family of two children is now 4.7% more than the average UK mortgage bill. Breaking it down into figures, the organisations' annual childcare costs report shows that for a family of two children, the cost of having one child in part-time nursery care and one in an after-school club is now £7,549 a year. This compares to the average UK mortgage of £7,207.
Furthermore, if the same family needed full-time childcare, the report states that this would amount to £11,700 a year – 62% more than the average UK mortgage.
Childcare costs are also said to be out-financing other household bills. For example, 25 hours of childcare in a nursery for a child under two costs an average of £109.89 a week – twice the price of a weekly household food shop.
In a statement, the Family and Childcare Trust said since its study started in 2002, childcare costs have increased with inflation each year.
Anand Shukla, Chief Executive at Family and Childcare Trust, said: "When even part-time childcare costs outstrip the average mortgage for a family home – and many parents have to spend more than a quarter of their income on childcare – it's clear that our childcare system isn't fit for purpose.
"We need a childcare system that helps parents who want to work and contribute to the economy and gives children the best start in life. The Family and Childcare Trust wants to see all political parties commit to a long-term childcare strategy that delivers for parents, providers, and crucially, for children."
Julian Foster, Managing Director at Computershare Voucher Services, who sponsor the annual childcare costs survey, added: "The 2014 childcare costs survey shows that childcare is placing a huge financial burden on families, but these figures will not surprise parents.
"Computershare Voucher Services hears from many parents who have to seriously consider whether it is worth going to work because families are paying out an extraordinarily high proportion of their income on childcare.
"In the short-term employers can help working parents through offering childcare voucher schemes and flexible working, but long-term, the system needs to change."
(JP)
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Childcare Costs More Than A Mortgage
A new report has claimed that parents are now spending more money on part-time childcare than on their mortgage.The study, carried out by the Family and Childcare Trust, found that part-time childcare costs for a family of two children is now 4.7% more than the average UK mortgage bill. Breaking it down into figures, the organisations' annual childcare costs report shows that for a family of two children, the cost of having one child in part-time nursery care and one in an after-school club is now £7,549 a year. This compares to the average UK mortgage of £7,207.
Furthermore, if the same family needed full-time childcare, the report states that this would amount to £11,700 a year – 62% more than the average UK mortgage.
Childcare costs are also said to be out-financing other household bills. For example, 25 hours of childcare in a nursery for a child under two costs an average of £109.89 a week – twice the price of a weekly household food shop.
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In a statement, the Family and Childcare Trust said since its study started in 2002, childcare costs have increased with inflation each year.
Anand Shukla, Chief Executive at Family and Childcare Trust, said: "When even part-time childcare costs outstrip the average mortgage for a family home – and many parents have to spend more than a quarter of their income on childcare – it's clear that our childcare system isn't fit for purpose.
"We need a childcare system that helps parents who want to work and contribute to the economy and gives children the best start in life. The Family and Childcare Trust wants to see all political parties commit to a long-term childcare strategy that delivers for parents, providers, and crucially, for children."
Julian Foster, Managing Director at Computershare Voucher Services, who sponsor the annual childcare costs survey, added: "The 2014 childcare costs survey shows that childcare is placing a huge financial burden on families, but these figures will not surprise parents.
"Computershare Voucher Services hears from many parents who have to seriously consider whether it is worth going to work because families are paying out an extraordinarily high proportion of their income on childcare.
"In the short-term employers can help working parents through offering childcare voucher schemes and flexible working, but long-term, the system needs to change."
(JP)
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