Overspending causes financial misery for one in four parents because of baby arrival

Every new parent will agree that having a baby is one of the most joyful experiences you will ever experience in life, but the combination of caring for this fragile newborn, financial worries, lack of sleep and extra pressure put on relationships can also make parenthood extremely stressful.

According to a study that has just been released, 66% of parents, or two thirds,  have admitted that they spent at least 20% more than they could easily afford on the preparation for the arrival of their baby., The result of this is that ¼  of parents, or 26%, suffer from financial difficulties after their baby has been born.
The average first-time parent now spends £1786 on essentials for baby’s arrival, from feeding equipment, clothes and baby monitors to more expensive items such as prams, car seats and cots. For six percent of parents, money is no object as they splash the cash by spending £9,800 on decorating the nursery or thousands on freezing stem cells from their baby’s umbilical cord as health insurance in case the child becomes sick.

Of the 2,000 parents surveyed, two-thirds (61%) admitted to feeling marked anxiety resulting from financial worries following the birth of their child. The main causes included childcare costs (68%), loss of earnings due to maternity leave (48%), financial outlay of preparing for a new baby (26%), long-standing financial problems (24%) and reduced benefits/family tax credits (22%).

Alistair Clayton a spokesperson for How To…Prepare for your baby’s arrival!”, a new six-part must-see series for any expectant or planning parents — on SKY 201 and Freesat 403 from Tuesday 7th February at 7:30pm, repeated Sundays 6.00pm – commented:

“In anticipation of their baby’s arrival, first-time parents often feel under pressure to overspend in preparation for every eventuality: outfits for every occasion, expensive nursery equipment and gadgets they’ll never use. Lack of money, in conjunction with the stresses and strains associated with caring for a new baby, makes for a toxic combination. It’s therefore hardly surprising that a quarter of parents admitted that their relationship with their partner felt strained.”

He continued:
“The aim of How To…Prepare for your baby’s arrival!” is to tackle the problems that cause new and expectant parents so much stress — from how to save money to dealing with feeding problems and tackling health issues. This is a guide to help parents manoeuvre the minefield that is early-stage parenting so they can focus on what’s really important: spending quality time with their baby.”

“How To…Prepare for your baby’s arrival” — on SKY 201 and Freesat 403 from Tuesday 7th February at 7:30pm, repeated Sundays 6.00pm — is a must-see for any new, expectant or planning parent. Over six weeks the series will provide a comprehensive guide on just about everything a parent needs to know about preparing for the arrival of a new baby.

The series will cover a host of topics – from money and time-saving ideas and stocking up on the baby basics to how to choose the high chair, pram, buggy and nursery equipment.

It will also examine the latest ideas and concepts in parenting along with the health needs of expectant mums, aided by expert advice from midwives. The series will even provide help on such anxiety-provoking topics as feeding, weaning, bath-time and bed-time, and how to plan financially for the future of your child.


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