Two thirds of first-time parents are spending 20% more than they can afford on preparing for their baby, putting a strain on their relationship as well as their finances, a survey has found.
The study, run in conjunction with TV series, How To… Prepare For Your Baby’s Arrival, found that the average first-time parents fork out an average of £1,786 in preparation for their new arrival.
Two thirds said they turned to credit cards and loans to fund their imminent arrival. So it’s not surprising that a quarter admitted to financial stresses after the baby was born.
And it isn’t just purse-strings feeling the tension. One in four say the financial burden has impacted their relationship with their partner.
As many as 68% of those surveyed said they were hit by childcare costs while almost half (48%) suffered as a result of loss of earnings due to the mother’s maternity leave. A further 22% were impacted by reduced benefits and family tax credits.
Alistair Clayton, a spokesperson for the TV show, said: “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.”
But not everybody appeared to be fazed by the costs of imminent parenthood. A wealthy 6% confessed to spending nearly £10,000 before the baby was even born on everything from nursery furniture to freezing stem cells in the hope of medical breakthroughs.