Nearly one in five parents are being forced to cut their working days while others have to quit their jobs altogether to care for their children due to a crippling rise in childcare costs, a survey has found.
The poll, commissioned by credit reference service Credit Karma, also found that a quarter of parents (24%) are having to shell out an extra £110 a month for childcare, while bearing rising childcare bills. food, energy and other households.
Parents living in London and the South East have suffered the most acute fee squeeze, with a typical bill weighing in at £300 a week, according to an audit of regional increases in childcare costs.
Some 21% of the 2,000 parents surveyed said they had been forced to reduce their working hours, while 7% had stopped working altogether to care for their children.
Those who have to stay at work instead turn to nanny shares (13%) or rely on friends and family for help with childcare (21%).
And 15% said they looked after their children during the working day and instead took advantage of weekends and evenings to catch up.
However, parents who are still working will face tough decisions in the near future, with two in five (38%) admitting that the soaring cost of living makes work too big an expense to justify.
Meanwhile, 35 percent of respondents plan to quit their jobs next year to reduce rising childcare costs.
The list of potential cost-cutting targets among struggling families is long, with one in six (16%) needing to cut spending on essentials, like groceries.
Some 49% of respondents looking to the future expect to reduce the amount they spend on Christmas this year.
Akansha Nath, Head of Partnerships at Credit Karma, said: “The cost of living crisis is significant and it is putting the finances of many consumers, especially parents, at risk. While childcare costs, utilities, and other household bills remain out of their control, there are things parents can do to better manage their money now.
“Take advantage of government aid and support programs available this winter and talk to lenders or utility providers if you are having trouble meeting your bills, they may be able to help you avoid the bills. remain unpaid, which can have a negative impact on your credit and therefore your finances, in the long term.