You are here: Home - Saving & Banking - News -

Money worries put people off having a baby

Written by:
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week