Childcare costs £5,000 more each year than mortgage

Familes with two young children are spending more on childcare than on an
average mortgage, according to a new report

Familes are spending more on childcare than on their mortgage, according to a
new report.

The Family and Childcare Trust’s annual report found that parents are paying
£7,549 a year for part-time childcare for two children, around 4.7pc more
than the average mortgage.

According to figures from the Office of National Statistics, the average UK
mortgage is £7,207.

A family needing full-time childcare for two children would pay £11,700 a
year, 62pc higher than the average annual mortgage bill for a family home.

The report also revealed that some families are spending more on childcare
than on their weekly shopping.

Twenty five hours of childcare in a nursery for a child under two costs an
average of £109.89 a week in Britain, double the cost of the average weekly
household food shop.

The most expensive nursery, based in London, costs £494 per week for 25 hours
of childcare.

More than half of all families with children use formal childcare every year.
Since 2009, the cost of childcare has risen 27pc while wages have stagnated,
squeezing household spending.

Full-time childcare absorbs between 20pc and 30pc of most parents’ annual
income, the survey found.

Anand Shukla, chief executive at the Family and Childcare Trust, said: “When
even part-time childcare costs outstrip the average mortgage for a family
home and many parents have to spend more than a quarter of their income on
childcare it’s clear that our childcare system isn’t fit for purpose.”

“The Family and Childcare Trust wants to see all political parties commit
to a long-term childcare strategy that delivers for parents, providers, and
crucially, for children.”

• Do you have sky-high childcare costs? Tell us your story by emailing
jessica.winch@telegraph.co.uk

Source Article from http://uk.finance.yahoo.com/news/childcare-costs-5-000-more-084908584.html
Childcare costs £5,000 more each year than mortgage
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