Four in 10 dad and mom have needed to scale back their working hours because of childcare prices

A staggering 71% of parents with tots up to the age of five are feeling the pinch, with childcare costs forcing them to rethink their work-life balance, a new study has found.

The survey, which spoke to 2,000 parents, highlighted that nearly half of the mums (45%) are opting to slash their working hours to look after their kids because it’s just cheaper than forking out for childcare.

Your Co-op Little Pioneers commissioned the research and is stepping up by offering parents a way to spread the cost of childcare, making those crucial early years of education more accessible.

A whopping 88% of parents stressed the importance of getting back to work for various reasons, including the financial boost (43%), craving adult conversation (32%), and keeping their hard-earned careers on track (30%).

However, parents also recognise the perks of nursery for their little ones, with social skills development (69%), friendship forming (67%), and confidence building (63%) topping the list.

Sara Dunham, top boss at the early years provider, commented: “By the time a child reaches five, they have already developed 90% of their brain, so these early years and experiences lay the foundations for learning, socialising and overall confidence.”

She added, “But this research shows how childcare costs are impacting families, and some to the point they are having to care for their children themselves over returning to work.”

Labour’s promise to deploy extra government-backed childcare from September 2024 and September 2025 is apparently a game-changer for parents who are keen to get back to work, with 39% of eligible parents saying they’re more inclined to return to their jobs now that they can better afford the rising childcare costs.

On the flip side, the latest stats from OnePoll have unveiled that some parents are sceptical, as a fifth reckon the 3,000 new nursery places Labour is vowing won’t meet the high demand.

And even though a whacking 77% of those who’ve benefited from government childcare support found it did wonders for their wallets, there’s still 14% of families out there who haven’t claimed this assistance.

Right now, a staggering eight out of 10 (83%) working parents are leaning on family and friends to look after their kids, typically borrowing this helping hand for a couple of days per week.

According to the study, to actually make this return-to-work dream a reality, more than half (52%) of parents would be in a better spot if they could spread the nursery fee payments out either through more frequent, but smaller amounts or by paying less each month but over an extended time frame.

And this is where Sara Dunham from Your Co-op Little Pioneers comes in, as their ‘Play Now, Pay Later’ initiative seems like just the ticket for granting parents some much-needed leeway. Sara spills, “We believe all children should have access to quality early years education.”

Plus, she taps into why this matters so much: “We know how important this is in helping the next generation achieve their true potential, including developing social skills, building confidence and language development.”

“But the reality is that many parents are having to cut the amount of time their child spends in nursery and limit their own career due to the pressure the ongoing cost-of-living crisis is putting on families.”