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Childcare putting parents into debt
23/09/2011
A survey has revealed that working parents are getting into debt through childcare. Out of the 4,539 parents asked, 58% have had to cut down on essentials such as heating, bills and clothing to afford it.
Almost two thirds stated that they could not afford not to work but still struggled to pay for childcare whilst four out of 10 families said that the cost of childcare was on a par with their mortgage or rent.
This survey also revealed that over half of the lower income families surveyed admitted that they were no better off working and paying for childcare.
The reasons for this may be because the average cost to send a child under two to nursery for 25 hours a week totals over £5000 each year in England and an even higher rate of £5,178 in Scotland.
With these latest figures being released more grandparents may want to turn to equity release plans. Homeowners aged 55 and over can help their children lead an easier life with an early inheritance payment.
With plans such as the drawdown lifetime grandparents can release those important funds and help their children live an easier life whether that is becoming a stay at home parent and giving up work or working without having to worry about building childcare costs.
To get some advice on how equity release plans can help you and your family contact the right equity release.
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