March 26, 2013
- New report reveals stressed parents-to-be admit to rowing over money concerns
- 45 per cent of working mums set to cut short maternity leave and return to work early because of their finances
- Expectant parents spend £140 million getting ready for the new arrival
The UK is experiencing its biggest baby boom in 40 years, with nearly 750,000 babies born in 2011 alone and the birth rate expected to peak at 845,000* in 2013. Whilst parents-to-be across the country are excitedly planning for the new additions to the family, a report** by
has revealed that more than a third (37 per cent) of expectant parents are worried about how they will afford the cost of having a baby.
The report by the UK's number one comparison website analysed the concerns of the next wave of baby boomers. It revealed that for nearly half of expectant parents (44 per cent) finances were not a key consideration when trying for a baby. However, of those parents who admit they are worried how they will manage financially when their family expands, 44 per cent say the stress has caused them to row with their partner.
Clare Francis, personal finance expert at
"As exciting as planning for a baby is, it can also be a daunting and stressful time. Having to adjust your lifestyle to cope with the new arrival is hard enough, but with many couples seeing a fall in income due to one of them giving up work or taking maternity leave can heap further pressure on families when they least need it. However, money worries needn't get in the way of what should be a magical time. Planning ahead and understanding your finances ahead of adding to your family is vitally important, and will save you many sleepless nights - at least until the baby arrives!
"A fall in income can be offset by putting some money aside in savings, which you can then dip into when required. Although the added expenditure of planning for a little one can quickly eat up disposable income, reviewing your household outgoings and reducing your everyday spending can go a long way to freeing up cash. Knowing the true shape of your finances can help you take control and see where you can cut back and make a few simple switches on household bills that could save you more than £1,000 a year.