New Parents are Dipping into Savings, Taking out Loans and Borrowing Money From Family
New parents in the UK are feeling the financial pressure of the recession, according to research by nursery retailer Mamas & Papas.
A significant proportion of young parents are having to use their savings, take out a loan or even borrow off their families in order to pay for day-to-day essentials.
As parents we understand that Mums and Dads worry about what they need to buy for their new baby and how much it’s going to cost....
One in three new mums and dads are concerned about how they will pay off their debts and a further 40 per cent worry about how they can possibly save for their children’s future.
Mamas & Papas found that one in four new parents have needed to borrow money from their family to make ends meet, while two fifths say they are having to use their savings to cover the day to day essential costs, and 20 per cent of young families have had to take out a loan since having a baby in order to make ends meet.
Further research from Aldermore Bank reveals that parents-to-be put aside on average £2,547 to pay for the extra expanses that come with a new baby.
Findings also revealed that parents are most likely to feel under financial pressure when their children are aged under two than at any other time. Mums and Dads of under twos are also most likely to worry about their income and finances, to argue about money with their partner or family, and see an increase in their household debts.
More worryingly 27 per cent of parents of under twos admit they’ve stopped saving as a result of having a family, while per cent have dipped into savings in order to make ends meet.
To support increasingly hard pressed new families, Mamas & Papas have launched ‘Baby Basics’- a hand-picked list of all the quality essential items parents will need for those first few crucial months and beyond.
Consisting of 21 items and at a total of £717, parents are able to get everything they need for the same price some parents would spend solely on their first push chair. The list includes the award winning Luna push chair as well as a car seat, cot, bedding, clothes, steriliser and feeding equipment.
Olivia Robinson, Creative and Brand Director of Mamas & Papas, said: “As parents we understand that Mums and Dads worry about what they need to buy for their new baby and how much it’s going to cost.
“We recognise that for many parents this is a real challenge, so have used our experience to create the Mamas & Papas Baby Basics list. Parents can be assured that when they purchase the products on the list they are getting everything they need without breaking the bank!”
Baby Basics is available online and through stores. Parents interested in the list should pick up the Baby Basics leaflet in stores.
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