Childcare costs working parents more than their mortgage payments.
Figures from the Office for National Statistics (ONS) have revealed that the average cost of a full-time nursery place for a two-year-old is around £1,065 monthly. By contrast, the average monthly repayment on a mortgage is £1,040.
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High costs of caring
Insurer Royal London made a freedom of information request to the ONS, then analysed the data to reveal the high costs of servicing childcare for working families.
The ONS figures show that around 1.2 million women, a quarter of all mothers, work full-time before their youngest child starts school, demonstrating how many families rely on two incomes to pay the bills.
Risk of financial hardship
Becky O’Connor of Royal London told the Times: ” Young couples rely on two full-time salaries to meet living costs before children come along.
“As a result, paying for childcare puts parents at real risk of financial hardship.”
In England, all three- and four-year-olds are entitled to 15 hours of free childcare every week. Working families who are entitled to Working Tax Credit can claim back up to 70 percent of their childcare costs. Parents in work may also be able to claim tax-free childcare and childcare vouchers, depending on how much they earn.