Looking for help with childcare costs?

Read our Real Cost of Childcare report 2017

Svenja Keller
Partner, Wealth Planning

For parents looking for help managing The Real Cost of childcare

Our experience working with clients is now reflected in evidence from this report, highlighting the unsettling fact that we are now living in an economic environment where the cost of childcare is influencing parents’ decision on whether or not they choose to have more children. This cost – roughly £6,500 per year for the average UK household – is not only affecting couples’ family planning, but appears to have wide-ranging effects on their work practices and family life.

We surveyed 2,000 working parents across the UK with children aged five and under, and in line with our experience advising families, saw not only how parents are cutting back on the amount of days they work to lower their childcare costs (markedly higher for women than men), but also just how heavily parents are relying on wider family members to help with childcare. This seems to be particularly impacting grandparents, just at a time they may be expecting to be financially free of work, but is also particularly worrying for parents who don’t have access to family help.

Read the full report

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Whilst life as a parent can be very hectic, a little early planning, regular saving and making use of support available to you can all make a significant difference in the long run.

For parents of young children, looking for help with childcare costs or raising a child, the outlook can seem exceptionally daunting.

When advising families, whether new parents or – increasingly – concerned grandparents, our advice is often threefold and will make a significant difference in the long run:

Many parents could make over £8,000 worth of savings a year on childcare by using Government help, yet when asked the average amount parents believed they could receive was significantly less than this -at just under £2000 (you can read a Regional breakdown of this in the Report) and less than half the parents we spoke to were aware of the Tax-Free Childcare Scheme, which launched in September.

With this in mind we have created a simple schematic (further down the page) to help parents identify what help with childcare costs could be available to them.

What help with childcare costs might you be eligible for?

Many parents do not realise that they could be eligible to receive support with childcare costs
Only 31% of those polled are using the existing allowance of 15 hours of free childcare
The overall savings could range from £933 to £8,834.