First-time parents admit to overspending on their baby’s arrival with one in four having financial worries after the birth.
Two thirds of parents are spending at least 20% more than they can afford when preparing for the arrival of their baby, a new study has revealed. With parents overspending on baby items, one in four parents have been found to struggle financially after their child is born.
The survey of 2,000 parents by new TV series How To…Prepare for your baby’s arrival! also found that an average first-time parent now spends £1786 on everything from clothes to buggies, cots and car seats.
Results also showed two-thirds (61%) of the parents who took part in the survey admitted to feeling the pressure of their money problems after the birth of their child.
Childcare costs, loss of earnings because of maternity leave and the money spent on a new baby were the main reasons for parents’ financial worries. However, not everyone is feeling the strain with 6% of parents confessing to splashing out £9,800 on decorating their baby’s nursery.
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