Almost one in four British parents have quit their jobs or education because of the cost of child care, according to a survey released on Wednesday.
(Bloomberg) — Almost one in four British parents have quit their jobs or education because of the cost of child care, according to a survey released on Wednesday.
A global survey of more than 7,000 parents and carers conducted by Theirworld, a children’s charity founded by Sarah Brown, the wife of former UK Prime Minister Gordon Brown, found that parents in the UK were particularly affected due to soaring prices.
74% of parents in the country said they find it difficult to afford fees for nurseries and childminders compared to 57% in the Netherlands and 68% in the US, according to the report. The average cost of a full-time nursery spot in Britain is about £14,000 ($17,000) a year but it can be double that in London.
Due to the high costs, 23% of UK parents said they had been forced to quit their job or leave higher education. Meanwhile two-thirds of parents in the country with children below school age reported that they have had to make “major financial changes” to make ends meet, including working more or reducing their use of formal child care.
The figures help explain why so many people have dropped out of the workforce, leaving British employers struggling to complain they’re unable to hire the staff they need to keep growing. That’s fanning upward pressures on wages and inflation, which have spurred the Bank of England to raise borrowing costs at the quickest pace in three decades.
Official statistics show the UK economy lost at least 500,000 workers since the pandemic, though many of those were due to illness in the over 50s and young people remaining in education.
Brown said the findings showed that there “is truly a global crisis in the early years,” noting that high costs was a main reason why women drop out of the workforce.
“Around the world, the situation for the youngest members of society and the people who take care of them — parents, carers, nursery teachers, teaching assistants — is worsening and suffering from a lack of investment and interest,” she said.
The report also said that as child care professionals are often low-paid and 44% of staff in the early years sector claim benefits or tax credits to supplement their income.
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