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Credit crunch puts plans for families on hold

credit crunchCouples all over the UK have admitted that the economic breakdown has contributed to their decision not to have a baby.

A recent study revealed that many propsective parents decided to shelve their plans to have their first child, whereas other decided against expanding their family.

The report, which was published by Skipton Building Society, showed the dramatic effect the downturn in the nation’s finances was having on family life.

Interviewing a total of 2,412 couples without children, revealed that many were taking the decision to delay starting their family, with some opting to postpone their plans by as much as four years.

Of those who took part in the research, many said they were not financially secure enough to have a baby, pointing to the rising cost of living – utilities, food and petrol in particular – as the reason for not being ready. The top reason for putting off having a baby was needing the extra money to save up to buy a property, whereas more than one in five said they wanted to be in secure employment before having a child.

However, nearly one in two admitted they had concerns about delaying parenthood, fearing they would end up being older parents or having to work until very late in life, in order to be able to financially support their offspring.

But the delays were not only discovered in those hoping to become parents for the first time. A further 1,758 couples who had already started their family were also interviewed, with not dissimilar results.

Seven out of ten admitted they would love to have a bigger family but due to the financial pressures brought about by the credit crunch, had decided not to go ahead. Six out of ten couples interviewed said debt problems had meant they would never be able to have another child.

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