The building society has issued an update to its customers - and it comes as many families are 'rethinking future children and work' due to rising childcare costs
Nationwide has issued a crucial financial update, shocking its millions of members with the latest findings that families are "rethinking future children and work" amidst surging childcare costs. According to Nationwide, the world's largest building society, childcare expenses have soared by approximately 18% in the past year alone.
The average household is now forking out around £610 per month on childcare, an increase driving numerous parents towards considering giving up their employment. A noteworthy percentage, 60%, of 2,000 surveyed parents confessed the cost of childcare makes them hesitant to expand their family further.
Despite these tough economic times, more than half of families are keeping up with their savings, managing to stash away funds each month for their children's futures. They're saving an average of £98 monthly, earmarking it for university fees, housing deposits, or to celebrate their child's 18th birthday.
Commenting on this uptick in childcare costs, Nationwide's Payments Strategy Director, Mark Nalder, noted: "This increase in childcare costs is something we naturally see at the end of the school holidays as schools restart. However, it is not showing any signs of slowing, with a significant uplift recorded in October."
"This is forcing many families to juggle childcare costs with other higher essential bills and as our research shows, many people are reconsidering having more children or giving up work altogether. However, despite these challenges, what is encouraging is that over half of respondents are still able to put some money aside for their children to use later in life.", reports the Express.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EasyJet records 34% jump in annual profitsThe carrier reported headline pre-tax profits of £610 million for the year to September 30, up from £455 million 12 months earlier.
Read more »
Nationwide to issue new £100 bonus payment to millions of UK customersIf you bank with Nationwide UK, you could be due a £100 Christmas bonus - Find out who is eligible and how you can claim now.
Read more »
EasyJet Expands Birmingham Operation with Two Extra AircraftLow-cost carrier easyJet plans to base two additional Airbus A320 aircraft at Birmingham next year, supporting 800 jobs and increasing connectivity. The company also announces a 56% improvement in easyJet holidays' profits and a 34% increase in pre-tax profits to £610 million.
Read more »
Train disruption as 'nationwide fault' causing delays across the UKNational Rail has issued a warning to passengers across the country as a 'communication fault' is affecting services this morning
Read more »
Train services disrupted across UK after nationwide fault with communication systemPassengers are being warned that a 'nationwide fault' is affecting rail services across the network this morning.
Read more »
Rush-hour trains delayed due to 'nationwide fault' on communication systemNational Rail says 'services across the National Rail network may be subject to disruption this morning'.
Read more »