Debt Problems Are Forcing New Mum Back To Work

Financial concerns and debt problems are forcing new Mums back to work and resulting in them losing the choice over whether to work or stay at home.

According to research by uSwitch.com, over 50% of new Mums returning to work are doing so because of financial concerns. In fact nearly 10% have to cut their maternity leave short in order to make ends meet.

The average family sees a 34% drop in their net monthly household income during the maternity leave period with income dropping significantly while on statutory maternity pay.

Ann Robinson, Consumer Policy Director at uSwitch.com, said “With the new Government planning to cut child trust funds and the impending budget causing concerns over pay freezes and redundancies, family finances are under more pressure than ever. The high cost of living coupled with the often crippling cost of a mortgage means that many households today need two incomes to get by. Unfortunately, new mothers are often paying the price for this by seeing their choices taken away.

“Preparation is key for those planning a family. Check out your company’s maternity policy, calculate how much you will need to survive, save money in readiness and cut down on household bills and unnecessary expenses. By keeping a tight lid on your household budget hopefully you will remember your maternity leave for the right reasons and not for the financial headache and debt it can bring.”

If you do feel your debt problems are spiralling out of control, it may of course be time to get some professional debt advice – there are options available to help, including such an IVA or Debt Relief Order (DRO)