Part-time childcare costs for a family of two children are 4.7 per cent higher than the average UK mortgage bill, according to research by the Family and Childcare Trust.
The annual childcare costs report shows that the cost for one child in part-time nursery care and one in an after school club is £7,549 year. This is compares to a yearly average mortgage of £7,207.
- Sending a child under two to nursery part-time costs £109.89 per week (£5,710 per year)
- A full-time nursery place for a child under two is £9,850 a year
- Average costs of after-school clubs is now £48.19 per week (£1,830 per year)
- Costs have risen 27 per cent in the last five years – an increase of £1,214 a year
- Most parents buying full-time care spend 20-30 per cent of their gross income on childcare.
Anand Shukla, chief executive at 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.
“We need a childcare system that helps parents who want to work and contribute to the economy and gives children the best start in life.
The Family and Childcare Trust has urged the Government to adopt a string of measures designed to address the escalating costs of childcare.
- Extending free early education to all two year-olds
- Effectively enforcing the duty on local authorities to provide sufficient childcare
- Increased support with childcare costs in Universal Credit to a minimum of 85 per cent for all parents.