Debt worries force new mums back to work
Over half of all new mums decide to return to work as a result of mounting financial pressure, with 56% admitting they were unprepared for the financial impact of having a child, reports the Guardian.
52% of new mothers return to work after the birth of a child because of financial worries with one in 10 doing so before the end of their planned maternity leave.
Comparison website uSwitch found that the average net household income drops 34% from £3,431 to £2,266 a month whilst on statutory maternity pay. This time also see’s costs rocketing as parents spend money during the run up to the birth on baby items with an extra £2,152 spent before the birth and an extra £2,521 spent post both.
Financial worries forced 9% of mums back to work early and caused 9% to rethink their plans of being a stay at home mum with 40% accepting a pay cut so they could work part time.
Only 21% of new mums believed their opportunity for progression and earning capacity had been unaffected by their maternity leave.
Unfortunately the current financial climate, plans to cut child trust funds, the budget, pay freezes and redundancies all result in a huge amount of pressure on new families, often meaning new parents are having to change their plans and accept spending less time with their newborns.
If you are concerned about the financial implications of starting a family or you are struggling in your current situation then one option to consider is contacting a financial coach. They will be able to help you understand your current situation and if you are in debt how have you got here and how will you overcome it? They will also be able to help you to plan your finances so that the money you do have goes as far as it possibly can.
To read more about Financial/Money coaching please click here.