Babynomics: The Cost of Parenthood
Every parent will know that bringing up a baby is a life-changing rollercoaster – emotionally and financially. The Financial Services Compensation Scheme (FSCS), which protects your savings up to £85,000, wanted to see what kind of pressures parents-to-be are facing in the current economy when they are thinking about the costs of bringing up a baby.
The bottom line is that they are feeling anxious, with three quarters of parents-to-be surveyed in FSCS research expecting the most significant financial support from their partners. They have a low expectation of financial support from their parents and in-laws (13%) moreover, they do not expect any financial help from siblings, grandparents, friends and relatives.
The pressure for partners is intense. The FSCS findings show that while partners are expected to hold down a job, they are also expected to provide a wide range of support at home too. While not that surprising, about seven in ten mums-to-be (68%) are looking for emotional support from their partner. Just 20% say they will ask for that from parents or in-laws.
A similar story emerges around mums-to-be seeking practical support, with 55% looking for that from their partners. Parents/in-laws should be on hand, as three in ten (28%) will be seeking a range of practical support – from babysitting to feeding, nappy changing to singing nursery rhymes.
Susanna Scott, Co-founder of BritMums, the UK's largest blogging network and author of A Modern Mother, says: “The days of a simple division of labour with one parent earning money and the other bringing up children are a thing of the past. Now partners are expected to provide emotional and practical support, as well as money. Partners need to be all-round superheroes if they are to live up to expectations!
“The best advice I can give is to recognise that both of you will be tired, which can cause tempers to fray. Get as much help as you can to spread the workload at home. Ask family and friends to trade you a little babysitting time so you can get out and have some fun, and ignore the dirty dishes for a night.”
What is FSCS?
FSCS was set up by government to protect your savings in UK banks, building societies and credit unions. If your financial firm were to go bust, FSCS will automatically refund your savings (up to £85,000 per person) within seven days and it’s completely free of charge. So whether you’re saving for your first family holiday, a new buggy or your child’s education, you can rest assured your savings are safe.
You can check that your money is protected at www.fscs.org.uk/protected