Small fortune

The latest figures say the cost of raising a child to the age of 18 is £71,611*. But there are ways to get help, including tax relief, free hours of childcare and affordable holiday schemes

The rising cost of childcare For many parents, childcare is one of the biggest expenditures. The average cost for a full-time place for a child under two is £13,400 per year, according to the children’s charity Coram. And costs are increasing, with prices going up by around 5% in the last year alone. These eye-watering fees undoubtedly have an impact on most women’s decision – and it is usually women – about whether to return to work after maternity leave. Of those who do, 35.5% only just break even or make a financial loss due to the cost of childcare and a whopping 61.7% of those who return either work fewer hours, have changed jobs or stopped working due to childcare costs (8% do not work at all because of the…

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Red UK (Digital) - 1 Issue, November 2021

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