How financially prepared are you for a baby? New research from the UK’s largest discount website has revealed that more than half of expectant parents don’t feel ‘financially prepared’ for the birth of their baby. Of these, the majority felt that they didn’t have enough ‘incoming money’ to support a baby.
As part of ongoing research into parenting in the UK, the UK’s largest discount website has conducted a study of 1,028 expectant parents in a bid to discover how financially prepared they felt for the upcoming birth of their baby.
The research, conducted by www.MyVoucherCodes.co.uk, was carried out as part of ongoing research into the expense of raising a family. According to the research, more than half, 52%, of the respondents stated that they didn’t feel ‘financially prepared’ for the arrival of their baby.
The respondents who stated that they didn’t feel ‘financially prepared’ for the birth of their baby were asked why they felt this was the case. The majority, 39%, of the respondents simply felt that they didn’t have ‘enough incoming money’ to support a baby; whilst 24% of the parents who said that they didn’t feel ‘financially prepared’ for their impending newborn said it was because they had ‘no savings.’
Furthermore, over a tenth, 12%, of the respondents said they didn’t feel ‘financially prepared’ because either they or their partner were ‘currently unemployed;’ whilst 22% stated that they didn’t believe they were ‘financially prepared’ because they hadn’t yet been able to buy all of the things needed for a newborn.
When the total number of respondents were asked ‘Do you think that you will always struggle financially to support your family?’ 43% said ‘yes’. When asked why they felt this way, more than two thirds, 69%, said it was because they ‘didn’t earn enough money’.
According to the research, 45% of the parents asked stated that due to their financial situation they didn’t believe they would go on to have any more children after the birth of their expected baby. However, 86% of the respondents didn’t believe that their current financial situation would have an impact when raising their child.
Mark Pearson, Chairman of MyVoucherCodes.co.uk, said “Having a child is always going to be a costly time in a person’s life, no matter what financial situation they find themselves in, simply because babies are expensive. I wasn’t surprised to see that many expectant parents aren’t feeling prepared, especially if it is their first child, as the financial preparations needed can really be daunting.”
“If expectant parents are feeling the pinch and are worrying about their finances, sites such as MyVoucherCodes.co.uk can be a large help, offering discounts on a variety of products, including many that are needed for a new baby. Whilst having a baby can be very expensive, there are plenty of things out there to help new parents cope with the expense; and so long as budgets are made and stuck to, it needn’t be as daunting as once felt.”