Shrinking Families: Home | Budget Calculator | News Release | Regional Statistics
News release
Monday 10 April 2006
2.4 KIDS BECOMES 1.3
The spiralling cost of bringing up children is causing the British family to shrink.
According to new research from Skipton Building Society, the average family now has 1.31 children, almost half of the 2.4 of yesteryear.
The overwhelming factor in family downsizing is financial, with 89% of respondents under pressure from the rising cost of living. So much so that
one in five (20%) have decided not to have any children at all – with 30% of men preferring to stay childless, compared to 16% of women.
Of those planning not to have kids, 37% say it's because they're unwilling to compromise their lifestyle, whilst a further 15% are put off by the
cost of raising a child.
Pressure on the purse strings is also an issue for some people who already have children. One in five (21%) say they won't be having any more because
they simply can't afford it.
For others, however, the desire to be a parent is so strong that it's not a case of 'if', just a case of 'when' – but still much of this timing
is down to finances. More than a third (39%) of 25 – 34 year olds say they have delayed or are delaying parenthood due to their financial situation –
and 24% have waited more than five years.
In order to fulfil their maternal and paternal aspirations, most people are realistic about the sacrifices they would have to make if they added to their
family – 42% would have to take fewer holidays, 36% wouldn't be able to save any money for a rainy day, and 16% wouldn't be able to return to work due
to the cost of childcare.
Jennifer Holloway, head of media relations at Skipton Building Society, says, "The fact that a fifth of the UK's adults are choosing to remain childless
sends a strong message about modern life and the pressures it brings – particularly financially. There are a lot of factors contributing to this,
including consumer debt, pension shortfalls and rising house prices – all of which has led many people to choose to enjoy the lifestyle they have
instead of adding more pressure with the cost of bringing up a child.
"What's particularly unfortunate though is the number of people who wish to have a family but are being forced to delay doing so for purely monetary
reasons. There's no easy solution, but if would–be parents can plan well and make the most of the money they have, the patter of tiny footsteps
could come sooner rather than later."
ENDS
For further information, please contact:
Eleanor Kestenbaum, Band & Brown Communications – 020 7419 7315 – eleanor@bbpr.com
Editor’s Notes
- The research was undertaken by Tickbox.net, in March 2006, amongst a sample group of 2,428 UK adults, 63% of whom are currently parents.
- Skipton is the UK's seventh largest building society, with a national presence represented by its 79 branches, covering the country from Aberdeen to
Plymouth. An innovator in the field of mortgage and investment products, the Society stands apart from its counterparts as the parent to 16 subsidiary
companies, many of which operate in the financial market.
- Skipton is the only building society to gain seven 'Financial Adviser 5–Star Service Awards'. It has gained '5–Star' status in each of the last
six years and was the only building society to receive this accolade in 2005.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.