Families in the UK now spend more of their income on childcare than on their mortgate, according to a new report by the Family and Childcare Trust.
The Family and Childcare Trust’s annual childcare costs report shows that once again, the cost of childcare has increased more than inflation and more and more families are spending a significant proportion of their household income than ever before.
Speaking about the report, PACEY's Chief Executive Liz Bayram said, "PACEY recognises the difficulties families experience due to the ongoing rise in childcare costs across the UK. However, the rise in costs is not simply a case of childcare settings charging increased fees. Indeed, most providers have kept any increase to a minimum whilst having to contend with greater operating costs in their setting and the cost of delivery of free early education for all 3- and 4- year olds not being met by the fee local authorities pay providers. Whether a nursery or childminder, people working in childcare are not making a profit and costs are rising because providing quality childcare is expensive.
In many other countries parents only ever pay a proportion of their childcare costs, with government (and in some instances employers) contributing too. To help more parents access affordable, high quality childcare, Government needs to invest appropriately in childcare and recognises the economic benefit of supporting families to balance work and caring responsibilities PACEY would echo Family and Childcare Trust's call to extend free early education to all 2-year-olds, so long as it is funded appropriately. Then settings can afford appropriately qualified staff and can invest in the professional development of existing staff, so they can deliver high quality care. Where choices have to be made in challenging economic times, PACEY would want government to ensure it makes the greatest investment in childcare support for disadvantaged children and families."