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Childcare Costs More Than Mortgage

Written By On 04/03/2014

Parents in Britain with two infants annually spend an average of seven and a half thousand pounds to have them looked after for only part time, according to research conducted by the Family and Childcare Trust.

The figure compares unfavourably to the average mortgage expenses. It shows that the overheads for two children's part time childcare is nearly five per cent higher than an average homeowner loan.

Their findings say

the cost for one child in part time nursery care and one in an after school club is £7,549 a year.

This latest report also indicates that it gets far worse if the same children were to be cared for in a full time capacity. The parents would then need to find an extra four thousand pounds per year at least.

Childcare costs have increased by more than a quarter in under five years. The trust believe that with inflation holding back any real salary increase for the majority, the price is just too expensive for families to keep up with.

The average price for an infant under two years old to be looked after in a nursery is approximately £4.40 per hour. A few hours per day can easily add up to over £100 per week, which is higher than most other everyday bills a parent would be facing just to survive.

However, if the same child was needed to be cared for full time, then the parents (or parent) would need to pay the nursery an average annual fee of nearly ten thousand pounds.

The government has risen their investment in childcare to help families and currently stands at six billion pounds per year.

The good news is that when the child hits three years old, he or she will be eligible to receive 570 hours of free part time early education each year.