One in five parents with a child under five has had to withdraw money from their pension to cover the cost of childcare.
The latest research from campaign group Pregnant Then Screwed found that 45.9% of parents have had to raid their savings to cover nursery or childminder fees, as their salary does not cover it.
Half of single parents have had to borrow money to pay for childcare, furthermore, and a third of all mothers have been unable to return to work full time due to the cost of childcare or availability of spaces. Only 11.9% of fathers have had to do the same.
The survey also revealed that just over half (53%) of parents with a child under five in England spend more than a quarter of their household income on childcare, up 16% from last year. A fifth say they spend more than half their household income on childcare.
Childcare spaces are also a huge factor in whether parents can return to work, Pregnant Then Screwed found.
A third said that their childcare provider has a waiting list of more than nine months, and only 13% of parents said that there had been no issue finding local childcare.
Childcare support
Two in five parents seeking new jobs in pursuit of support
A fifth of mothers said they were unable to take up a more senior role at their workplace due to childcare costs and availability. Just 8.8% of fathers faced the same issue.
In last year’s budget, the government announced that it would expand free childcare hours to more children, expanding it to those between the ages of nine months and two years.
However, thousands of parents have struggled to gain access to the codes needed that will enable them to access the benefit.
Only 35% of parents in the latest survey said they thought the expansion of free childcare would make costs less of an issue. This reduced to 15% for single parents and 27% for Asian parents.
Almost a quarter said they would still not be able to afford childcare because top-up fees charged by nurseries would be too high.
Some 85% of parents interviewed by Pregnant Then Screwed said they felt the cost of childcare was “prohibitive of having more children”.
More than half of mothers (52.5%) who had an abortion told the organisation that the cost of childcare was a primary reason for them terminating their pregnancy.
Joeli Brearley, CEO and founder of Pregnant Then Screwed, said: “The government has promised parents that they will soon be able to access more affordable childcare, but this will only be successful if the scheme doesn’t bankrupt childcare providers.
“We’ve already seen that the roll out of the new funding has not been straightforward with many parents still waiting to hear if they will be able to secure a funded place, whilst many others are complaining that cost savings are minimal due to significant price increases for childcare costs outside of the funded hours.
“It is clear that after years of disappointment, parents are struggling to believe the promise that things will get better.’’
She added that the prohibitive cost of childcare meant, to many families, “procreation feels like financial suicide”, and that “becoming parent will be a luxury item, and the economy can’t afford to pay that price”.
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