Mums urged to make financial plans

Mothers around the country can help ensure that they avoid serious debt management problems by drawing up a financial plan, according to the Egg banking firm.

The assertions from Egg come after the company found that new mums in the UK spend a collective total of close to £6 billion each year on items for themselves or for their baby.

Much of this spending is down to the perceived pressure to be a perfect mother, Egg suggests, pointing out that many of the latest “must have” items for mothers can be very expensive.

Alison Wright, chief marketing officer at Egg, said: “Certain life stages, such as having a baby, mean that we occasionally need a cash injection. Financially a new baby can cause havoc because of the combined burden of extra costs and reduced income.

“This is where a little bit of financial planning can go a long way ensuring new mums can enjoy being new mums without having to worry about money matters.”

Figures compiled by Scottish Widows earlier this year suggest that debt management worries have forced millions of mothers around the UK back to work.