Childcare is a necessity for many working parents in the UK, either full or part time. Grandparents and relatives often help where they can, but it’s becoming more common for babies, toddlers and children to spend time in nurseries and day care centres so parents can get back to earning.
Recent research revealed that UK parents spend an average of £73,118
on childcare costs during the first 12 years of their youngsters’ lives. This figure refers exclusively
to childcare and doesn’t include other notable expenses, such as food, clothes, toys and family activities.
Government schemes such as the old childcare vouchers and the incoming Tax-Free Childcare schemes are attempting to bridge the growing gap between income and household and childcare costs1
according to recent reports from The Telegraph, but parents are still finding it difficult to manage their finances and the costs of childcare.
Trends over time followed the expected path, with care for children under two years old costing the most. As they grow older and start going to school, the costs decrease. Usually, it’s only necessary to arrange care for a couple of hours either side of the school day until parents finish work.