Of the people in Yorkshire who said they were planning to start a family or have more children in the next few years, a quarter said that financial considerations play a part in their decision. Over one in six people said that financial considerations are a vital part of their decision.
For a number of people, how much they have stashed away in savings and the size of their home is the biggest obstacle standing in the way of them becoming parents. Over one in ten said that they wanted to add to their savings before they started a family, and one in six said that they were saving specifically for a bigger place before they have a child. The same number again said they were focussing on repaying debts before they added to their family.
In some cases, financial concerns can make people press pause on their plans to add to their family for a significant length of time. Over two-fifths of people questioned in Yorkshire said that they delayed having their first or subsequent child for financial reasons, and two-thirds felt the need to delay for one to two years.
These stats clearly show how your financial situation can have a serious effect on the other aspects of your life. When it comes to children, there are lots of expenses involved, some of the biggest of these being education, childcare, clothing, food and holidays. There’s also the loss of income to consider – if you have to stop working for a period of time. When you consider all the costs involved in child-rearing, it’s not hard to see why someone may choose to delay this big life event based on their finances.
It certainly makes sense to make sure that you have something saved before you decide to have a child. If you have a little one on the way, or this is in your plans for the future, you should also make sure that you apply for any benefits you’re entitled to. Child Benefit is normally available to anyone living in the UK who is responsible for a child under 16, or under 20 but still in education. You also might be entitled to Child Tax Credit, if your income is below a certain level.
If you’re worried you won’t be able to start a family or have more children because of your debts, you should make sure you get debt advice from a trained debt advisor. The right debt solution can sometimes mean you’re able to repay your debts sooner than you think.
Debt Advisory Centre: 0161 871 4881