Childcare costs becoming increasing burden on UK households, claims Aviva

Parents are often seeing the need to give up work as childcare costs are beginning to hack into household incomes, it has been claimed. Aviva revealed that financially-unprotected families that are also property buyers are particularly vulnerable if they are relying on one salary. Indeed, 32,000 more women have chosen to stay at home over the last year in order to take care of their families.

According to the new research, a working mother could be up to £98 a month more out of pocket after child and work costs are accounted for. Thousands of families may be put in the potential position of relying on single salaries, while the Aviva study shows that a huge 95 per cent of UK families don’t feel financially protected against the loss of an income source in their household, possibly forcing them into a quick home sale to tie up major loose ends.

Louise Colley, head of protection for Aviva and also a mother of four-year-old twins, said: “Families today face an array of money worries, as this report shows. But the unintended consequences of not having protection in place can be huge – both financially and emotionally – should the unexpected happen.”