In a study of more than 1,000 new mothers carried out by EasyInsites for uSwitch.com, 28.3 per cent said that they financially struggle during maternity leave and end up, on average, in debt of almost £2,500.
Although 25 per cent of new mothers feel they are financially prepared, 43 per cent don’t save any money to cover their time off.
As a result, 9.8 per cent said the financial burden of maternity leave forces them to borrow from relatives and friends; 13.8 per cent said they resort to credit cards, loans and overdrafts.
Almost a quarter – 23 per cent – said they delayed having their first child due to the cost, while 39 per cent of those who don’t want any more children are put off by the expense.
First-time mums spend more than £1,400 on average during their maternity leave and their average monthly household income halves from £2,866 to just £1,654. As a result of financial pressures, 11 per cent said they cut short their leave period; 9 per cent rethink their plans about not returning to work.
Ann Robinson, director of consumer policy at uSwitch.com, said:
Planning for a baby is tough at the best of times, but in the face of the soaring cost of living there is even more pressure on family finances. For some families this can mean some very difficult decisions. It’s heartbreaking that so many mums are being forced into debt or having to cut short their maternity leave just to make ends meet.
Sadly, very few mums have the luxury of being able to stay at home for the whole of their maternity leave and even fewer have the choice to be a stay-at-home mum. It’s clear that more needs to be done by the government to help families cope with the financial burden of parenthood but in the meantime families can help their situation by reviewing household budgets and looking at where they can cut costs to save a bit of extra cash.
