Parents Pushed Back To Work To Cover Costs Of Living
The number of stay-at-home parents has reached its lowest level in 15 years, according to new research.
Price comparison service uSwitch has today released research suggesting that more than one million parents have been forced to return to work to meet the costs of various living expenses, which could include areas of expenditure such as food, utility bills and credit card and loan repayments. Over a third (36 per cent) of cohabiting parents with children under the age two both work full-time to meet household costs, the firm reports. Furthermore, respondents to uSwitch’s study said that they would need an average salary of 31,731 pounds for one parent to remain at home to raise the children.
More than one in three (38 per cent) of working parents said that they spent less than four waking hours with their children on a daily basis, while 71 per cent said that they would prefer to commit full-time to raising their kids if money was no object. For those who want to spend more time with their children but lack the funds to stay at home, a personal loan may be of assistance in financing the costs of a dream family holiday.
Overall, just seven per cent of all parents throughout the UK are able to care for their children full-time, leading the price comparison firm to assert that the choice of doing so is increasingly becoming a luxury that few can afford. Just 14 per cent of new parents that had returned to work said that they did so out of choice and not necessity.
Ann Robinson, director of consumer policy at uSwitch, comments: “Economic factors are taking away the choice for many young families today. People who want to stay at home can’t afford to due to rising household bills and even people who want to return to work can’t afford to either, due to the high cost of childcare. As a result, both parents and children are losing out.
“Any initiatives introduced by the government that support parents wishing to return to work when they have children should be commended - but we also need to recognise that some parents would prefer to stay at home to look after their children, even if only during the early years.”
For those who are forced to return to work, uSwitch points to a number of initiatives and resources that can help ease the strain of raising a child. For example, a governmental early years education programme entitles all children between the ages of three and four to 12.5 hours of free education per week for 38 weeks of a year, reducing the amount of hours that a nanny is required.
Child tax credits and working tax credits are also identified as an effective way to ease the financial burden of parenthood, while uSwitch also points out that people are entitled to 13 weeks parental leave for each child up until their fifth birthday, although employers are not legally obliged to pay for this. Additionally, consumers may find that a personal loan provides short term relief for when planning family holidays.
Elsewhere, the costs associated with pet care have also recently been highlighted by Sainsbury’s Finance, which advised consumers to carefully consider the financial commitment required by pet ownership before taking on responsibility for an animal.
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