Parents give up work as childcare costs outstrip income
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- Financially unprotected families left vulnerable as they rely on one salary.
- 32,000 more women choose to stay at home to take care of their families.
- School inflation hits 6.89% as parents pay £111 per month on school extras.
Parents are questioning whether they can both afford to work, due to the high cost of childcare. According to new research from Aviva, a working mother could be up to £98 a month worse off after all child and work costs are taken into account.
As a result, thousands of families could be left in the potentially vulnerable position of relying on a single salary. More worrying still, the Aviva study shows 95% of UK families don’t feel completely financially protected against the loss of an income.
The findings are highlighted in Aviva’s latest Family Finances Report which is released today. This edition shines a spotlight on the challenges faced by working parents, and the fact that the majority of these families are worryingly under-protected financially...
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