Childcare costs exceed mortgage repayments

Paying for childcare remains a huge, and in some cases, crippling burden on family budgets - which is no surprise when you look at the figures.

Families are now spending more on part-time childcare per year than the average person pays towards a mortgage, according to the Family and Childcare Trust. In their annual report the charity reveals part-time childcare costs for a family with two children have overtaken the average UK mortgage bill by 4.7%. 

The cost to have one child in part-time nursery care and another at an after school club adds up to an eye-watering £7,549 a year, while a full-time nursery place for a child under two now costs around £9,850 a year.

So it is little wonder that many of the parents we speak to are having to seriously consider whether it is worth going to work.

While in the short-term employers can help working parents by offering childcare voucher schemes and flexible working, long-term we believe the system simply has to change.

Additional support for working parents to help them manage spiralling childcare costs is something we have long been campaigning for at CVS and we will continue to fight in the corner of working parents on this issue.

We agree with the Family and Childcare Trust that more support for parents is essential and call on Government to take immediate action to do more to help working parents.

You can view the full Family and Childcare Trust survey here. If you’re a parent, childcare provider or employer and would like to find out more about childcare vouchers, then please visit our website.

Julian