We live in such a fast paced world and more often than not both parents need to work a full-time job to maintain their standard of living however things are changing. We all know how expensive having a family can be and with the increased cost of childcare, it’s no wonder families are having to tighten their financial belts.
As parents we all want to ensure that our children are well looked after when we are out working, however with child care costing as much as £17,000 pounds a year, for 2 children, more and more parents are making the decision to cut back on working hours.
A recent study of 1000 parents conducted by Aviva titled, ‘ Cost of The Sibling’, has revealed that 4 in 10 families feel the financial benefit of both parents being in work is no longer worthwhile when the second child has arrived.
Results
- 57% who reduce working hours after their first-born, do so to spend more time with their child.
- 39% of those who reduced working hours after their second child, did so because of financial influences.
As a result of the financial strains families are inevitably cutting back, however parents are not only sacrificing their working life, but also their own financial protection, out of the working world many lack Life Insurance and Critical illness Protection. It’s highly important that families protect themselves, especially with more and more parents relying on one income.
By protecting yourself and your loved ones, you can relieve some of life’s stresses, knowing that if you or your partner suffer a serious illness or the worst does happen your family will be well looked after.
