Nursery World - Growing number of parents getting into debt to pay for 'childcare'

Nearly half of parents have been plunged into debt or withdrawn their savings to pay for childcare, new figures show.

The State of the Nation report highlights the challenges women face to achieve equality in the workplace when they have young children PHOTO: Adobe Stock

According to the research by Pregnant Then Screwed, in partnership with Women in Data, there has been a sharp increase in childcare debts held by parents of children under the age five.

The State of the Nation 2024 report is based on a survey of 35,800 parents, of which Women in Data extracted a nationally representative sample of respondents, totalling 5,870.

Forty-six per cent of those surveyed admitted they have accrued debt or had to withdraw money from their savings to pay for childcare – a 30 per cent increase on last year.

One in five parents with a child under five had to withdraw money from their savings and pension to pay their childcare bill, and 37 per cent said they had to use credit cards, take out a loan or borrow money from family or friends. The figures rise ‘sharply’ for single parents.

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