Duel income families hit by cost of childcare

The cost of childcare is forcing duel income families to consider one parent quiting work rather than stump up the cash for nurseries or childminders.

According to findings in Aviva’s latest Family Finances Report, working mothers could be up to £98 a month worse off due to childcare and work expenses.

The average part time working mother will be paying £364 a month for part-time childcare and £90 on getting to work and associated costs such as food and work wear.

Spokesperson for Aviva Louise Colley says: “This report shows very clearly the challenge many families with young children face as they balance their income with the cost of childcare. As care costs rise, it’s quite possible we will see more and more couples relying on one salary while the other person looks after the children – simply because they may actually be worse off if both people work. However, while this may make financial sense, it can also leave families vulnerable should anything happen to that income earner.”