Two point four children has for a long time been famous as the size of the average nuclear family. However, a recent survey has revealed that parents are struggling to cope with the cost of childcare as they attempt to return to work following the birth of their second child.
The Cost Of The Sibling (COTS) study, conducted by Aviva, interviewed over 1,000 families and suggests that four in ten families feel it’s not worth both parents working full time following the birth of their second child.
Almost half (45%) of the parents who don’t return to work after their second child are taking at least five years off work. These five years potentially cost £125,000 in lost earnings, before even taking into consideration the cost of supporting a second child.
With full time childcare costing on average almost £17,000 a year many families believe that they would be working just to pay a child minder, and so would be better off if one parent either cut their hours or gave up work completely.
Louise Colley from Aviva says: “As any parent will know, children can have a huge financial impact on a family – and this can sometimes mean double trouble when a sibling comes along!
“If a parent gives up work this often means the family needs to tighten its belt financially.”
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