Debt an issue for would-be families, report shows

Britons believe that financial security is an essential factor in the decision to start a family, a new report has revealed.

According to NS&I – a UK-based savings organisation – 64 per cent of people consider this to be a necessity before having children, with many stating that an annual income of £25,000 is a must to ensure such security.

In comparison, just 26 per cent of respondents think that finances should not be taken into account in this matter.

This suggests that those currently struggling with debt management problems may delay starting families, with one in five stating that they would consider not having children as the costs these days are so high.

These figures come after the expense of keeping a family was highlighted by Abbey Savings, which revealed that many are putting away less, with 28 per cent admitting to having no savings or investments at all.

Furthermore, 20 per cent of parents have no more than £1,000 to fall back on.

By Sarah Adie