Money worries are putting couples off parenthood, says report

Money worries are forcing many would-be parents to delay plans to start a family for three years or longer, a report has found.

Some 45% of 25 to 34-year-olds who plan to have children said they will put off starting a family for at least three years.

Half (50%) of these people were delaying starting a family for this length of time due to money worries – making this the top concern – according to the research from the Centre for the Modern Family, a think-tank set up by Scottish Widows.

Many people may be trying to get on the property ladder before they start a family. The report said some 46% of 25 to 34-year-olds in its research were still renting.

Among those delaying their plans for a family for at least three years, 37% wanted to achieve career goals and 21% had debts they wanted to clear before having children.

Those who wanted to be parents typically wanted to build a nest egg of £5,000 before having their first child – but more than two-thirds (64%) had not saved anything so far.

Among those who had put some money aside to start a family, the average amount put by was £1,600.

Anita Frew, chair of the Centre for the Modern Family said: “Affordability is the key consideration for young people when it comes to planning their own families. It is important that this generation are given the support they need to plan and budget effectively in order to feel confident about starting a family.”

More than 2,000 people took part in the research.

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