Debt making new Mum's go back to work
Debt making new Mum's go back to work
Debt making new Mum's go back to work
More than half of new mothers return to work due to financial pressures, a survey finds, with 56% admitting they were unprepared for the fiscal impact of having a child.
New mothers are being forced back to work by debt and financial worries, with many cutting short their maternity leave, according to research published today.
In contrast to the image of modern mothers "having it all", more than half (52%) of those returning to work after the birth of a child do so because of financial constraints, and one in 10 are doing so before the end of their planned maternity leave.
Only 22% choose to return because they want to continue their career, the survey by comparison website uSwitch found.
It found that the average net household income drops by 34% from 3,431 to 2,266 a month while on statutory maternity pay. But at the same time costs soar, with parents spending an average of 2,152 in the run up to the birth on baby items, and a further 2,521 more than a month's reduced net household income after the baby is born.
The average amount saved in anticipation of having a baby is 3,265, but 56% of the 1,000 mums questioned for the survey said they were not fully prepared for the impact of surviving on a reduced income.
Nearly a third of new mums were not aware of their company's maternity package when they decided to have a baby, and 30% decided to go ahead with getting pregnant even though the package was not ideal.
More than four in 10 mums have ended up in debt while on maternity leave, with an average 1,329 incurred.
However, although the financial impact forced 9% back to work early and another 9% to rethink their plans to be a stay-at-home mum, 40% take a pay-cut so they can work part time.
Worryingly, just 21% of new mothers returning to work believed their future progression and earning capacity had been unaffected by their maternity break.
Ann Robinson, consumer policy director at uSwitch, said: "Debt and financial considerations combine to be the biggest motivating factor behind new mothers returning to the workplace. Despite women being told that they can 'have it all' and can choose whether to be a working or stay-at-home mum, the fact is that most have this choice stripped away from them by the financial realities of modern life.
"With the new government planning to cut child trust funds and the impending budget causing concerns over pay freezes and redundancies, family finances are under more pressure than ever. The high cost of living coupled with the often crippling cost of a mortgage means that many households today need two incomes to get by. Unfortunately, new mothers are often paying the price for this by seeing their choices taken away."
If you're a new mother and struggling in debt, visit DebtLine-Direct.com today and let us help you get your finances back under control.
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