Could home equity release schemes alleviate childcare costs?

Equity release schemes could help parents struggling to cope with rising childcare costs.

Four in ten families with two children do not consider it to be financially feasible to have both parents working, it has been found by a recent piece of research.

The Aviva COTS (Cost Of The Sibling) study found that parents were opting to cut back on their working hours in order to care for their children.

At present the full-time expenses of taking care of two children averages around £17,000 per year.

Fifty-seven per cent of parents decided to work fewer hours or not work at all, after the birth of their first child, in order to spend more time with their new baby.

However, with the birth of the second child, 39 per cent of parents opted to cut down on work owing to rising financial costs of childcare, claimed the research.

A recent report published by Consumer Focus found that people were opting for having their energy supply cut voluntarily because of rising financial constraints that could be overcome with equity release advice.

Ashall Glover Financial Services experts in home equity release schemes

Posted by Louise Tilston