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British families pay more on childcare than on their mortgage. Annual costs are overtaking yearly housing loan repayments. This is according to a survey from Britain's Family and Childcare Trust. This organization says that nursery fees in some areas of the U.K. have risen by up to 13 per cent in the past year. Babysitting and child-minding costs have risen by an average of four per cent. The report's author said the findings showed that childcare in the U.K. is becoming less affordable. She said an insufficient number of nursery places showed the system isn't working.
The report could make would-be parents think twice about starting a family. A family of four with one child at nursery and another in an after-school club spends an average of $12,571 a year on childcare. This is a quarter of their income. This does not include feeding, clothing and entertaining children. There are also toys, books and electronic gadgets to buy. The average yearly housing loan payment is $12,000. The chief executive of the Trust warned that when many parents have to spend so much on childcare, it's clear that the system "isn't fit for purpose".
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