Childcare on credit

Research conducted by Opinium on behalf of Noddle shows over a quarter of parents rely on some form of credit to pay for childcare costs.

It’s a vicious circle – parents must work hard to provide for their children, but simultaneously lose a significant proportion of the money they earn in childcare costs.

Seven in ten (70%) parents have reported an increase in childcare provider costs in the last year, which has pushed the average cost for childcare services over the £1,000 per month mark.

Unsurprisingly, over a quarter of parents (28%) have turned to credit to meet steep costs of putting children in day-care. The study also found that it takes parents on average 16 months to recover from the debt they’ve accrued from paying for childcare on credit.

More than half of parents (52%) felt unprepared for the financial cost of putting their children in childcare, with a similar proportion agreeing that the times they have relied on childcare have been some of the most financially challenging of their lives.

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