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Are family plans being held back by money matters?

Posted 12 November 2014

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<p style="text-align: justify;">Financial considerations are bound to have an impact on your family plans, but are they causing you to delay those plans in the long-term?</p>

Are family plans being held back by money matters?

You’re not alone if they are. In fact, of the people planning to start or extend their family in the next few years, two-thirds* admit that financial considerations have played a part in their decision process.

Big decision

Starting a family is a huge decision, and one that many people don’t undertake lightly. One of the main considerations of parents-to-be might be whether they can afford to support their new child and how much this will cost.


It’s no wonder, then, that so many respondents to a new survey* conducted for us admitted that money was something they thought about when deciding whether or not to have a child. In fact, one in five said that their finances played a “key” part in their decision.

Fresh start

Whatever your circumstances, where you live and however you plan to raise your child, kids can be expensive. A recent study by Halifax put the cost of raising a child for the first 11 years of its life at £84,000 … largely thanks to the price of childcare before kids start school. In fact, this outgoing may seem so high that one parent decides to leave work and stay at home instead … which means losing an income. And maternity leave could also result in the loss of a mother’s usual level of income.


Having considered all of this, of the survey respondents who did think over money matters when deciding whether or not to have a child, more than two-fifths said they are trying to save up first. And one in five respondents revealed they were saving up to buy a bigger home for their family.


Meanwhile, a third of respondents who are considering their finances as they think about whether to start a family say that they are trying to pay off their debts before they have kids. This may make them feel as though they are creating a financial fresh start for their family, while clearing existing debts could also put them in a better position to take advantage of good deals on lending in the future. The problem is, if debts have already stretched you financially, a new baby is unlikely to help the situation.

Steady progress

While it makes sense to take steps towards paying down your debts if you’re hoping to have children, if you know this will take a long time to do it could cause you to feel dispirited. Chances are, you may want to start or extend your family sooner rather than later.


However, it’s important to remember that your careful financial planning could give your little ones the best start in life once they come along. If you’re finding it a real struggle to get out of the red, though, there are places you can turn for help and advice.


In addition to getting support from expert advisors, you could also ask them about the range of debt solutions available. These may help to simplify your debt repayments, so you can start looking forward to planning your family in earnest.


*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 24th September and 3rd October 2014.

by Sarah Symons

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.