Debt may be forcing mums back to work

Debt problems appear to be forcing mothers back to work earlier, leaving them with less time off to look after their children.

A report from uSwitc…

Debt problems appear to be forcing mothers back to work earlier, leaving them with less time off to look after their children.

A report from uSwitch.com shows over half of new mothers returning to their jobs are doing so due to financial constraints.

During maternity leave the average household income drops by a third, with many reporting their expenditure increases in the run-up to having a baby.

On average, women expecting a child spend 90 per cent of the net household income on preparing for new arrival.

Ann Robinson, consumer policy director at uSwitch.com, said: “The high cost of living coupled with the often crippling cost of a mortgage means that many households today need two incomes to get by.”

She advised those expecting a newborn to plan before maternity leave comes around by calculating how much money is needed and saving it beforehand.

People doing this may find internet banking to be the easiest way to plan their money after John Hughes at the Co-operative Bank suggested it was a simple way to keep track of finances.

By James Perkins

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