New money guide for parents unveiled

A new financial guide designed to help expectant parents with debt management is being released.

The Financial Services Authority (FSA) is distributing the Parent’s Guide to Money across the UK in a bid to help people prepare for the costs of raising a family.

Bringing up a child to the age of 18 can cost over £150,000, meaning that parents must take control of their finances, the organisation stated.

It hopes to reach around 500,000 parents this year and 1.5 million by 2011.

FSA director of financial capability Chris Pond said that the guide covers many areas that parents will need to know about, including the cost of childcare, maternity and paternity rights, savings, budgeting and state benefits.

This sort of advice is significant for expectant parents, as they are “at an important stage in life where they face big changes,” he added.

Recently the Child Poverty Action Group called for welfare reforms after unemployment figures showed the biggest rise in 17 years.

By Jamie Price