Childcare Costs So High Parents Are Considering Working Less

Childcare is a problem for many UK families, with parents shelling out hundreds of pounds a week on nannies and nurseries – often spending far more than they earn.

Not to mention we have some of the highest childcare costs in Europe.

So is it surprising that these steep costs are causing one in five UK parents to think about cutting back their hours this year? Probably not.

It’s not just working hours that are being trimmed back – a survey has revealed that more than a quarter of parents will be reducing the amount of treats they indulge in to help pay for their little one's childcare.

And 16 per cent say they’ll be forced to cut back on family essentials during 2015.

“Childcare represents a huge financial challenge for most parents, and our poll shows the real impact costs are having on family life - from giving up work to cutting back on essentials,” says 4Children chief executive Anne Longfield.

“Removing parents’ choice as to whether or not they continue to work after having children is not the answer for families or for the economy.

“Parents of the youngest children are feeling the pressures most acutely and are calling on politicians to do more to help, particularly with the cost of childcare.

The survey, commissioned by the family charity 4Children, polled 1,000 parents – half of which thought political parties should provide more help with childcare costs.

Currently, the government does help families by providing up to 15 free childcare hours for two, three and four year olds – so long as both parents work.

According to shadow education secretary Tristram Hunt, childcare costs have rocketed by 30 per cent and even the availability of childcare has decreased. Hunt says the government will boost their support of working parents to offer them more support.

“We will increase free childcare for working parents with three- and four-year-olds from 15 to 25 hours, making a real difference to hard-pressed parents,” says Hunt. “Labour's plans for childcare will make work pay and boost the economy.

Plans are also in place to help working parents with their childcare costs, starting this autumn.

The government will provide 20 per cent of childcare costs up to £10,000 a year for each child – a maximum of £2,000.

There are a few stipulations, but not many. You both need to be working and earning under £150,000 (no danger of that for most of us!). You're eligible if you work part time, are on maternity, paternity or adoption leave and even if you’re starting your own business. You just need to earn at least £50 a week.

“Tax free childcare is an important part of our long-term economic plan,” says David Cameron. “It will help millions of hard-pressed families with their childcare costs and provide financial security for the future.”

The government stresses that these plans are an improvement on the first proposal, presented in 2013. Originally, the government planned to cover a portion of childcare costs for up to £6,000 per child and would take longer to put in place.

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Do you struggle to afford your tot’s childcare? Let us know in the comments.