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Money worries put people off having a baby

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06/10/2021
Concerns over money is the top reason would-be parents are delaying having a baby, new research suggests.

Barclays surveyed 500 expectant parents and 500 people who are postponing starting a family.

Nearly half (46 per cent) said feeling financially unprepared was the main reason they had chosen to wait.

Four in ten (39 per cent) said they wanted to focus on their career, around a third (30 per cent) didn’t feel emotionally prepared and a further third (30 per cent) wanted to buy a bigger home first.

Some 17 per cent were not ready to give up their social diary, while 10 per cent still wanted to their weekend lies-ins.

Six per cent weren’t prepared to give up non-pregnancy friendly foods, such as soft cheeses, and five per cent didn’t want to abstain from alcohol.

The findings revealed the vast majority (95 per cent) want to have more money put aside before they have a baby.

They expect it to take three years on average before they feel financially prepared to add to their clan.

Of those who are currently expecting a new arrival, two thirds (66 per cent) of soon-to-be parents delayed the decision until they had built a ‘baby buffer’ fund and had more money in their savings to cover the extra expenses.

For the majority (56 per cent), this took them less than two years.

Alice Jones, head of Barclays Money Mentors, said: “Making the decision to start a family is massive and sometimes there is truly nothing that can prepare you for parenthood.

“When it comes to your finances, it’s understandable that people want to ensure they feel prepared enough to accommodate the extra costs, whether that’s buying essentials for the baby, buying additional food or looking further ahead and saving for their future.

“Setting yourself a goal to save more money before you decide to start a family is a great way to helping feel more prepared and there are now so many tools that can help you to budget and create a plan to reach that goal.”

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