Will we be able to afford our existing commitments? Do we have enough room or will we need a bigger place?
According to new research, millions of people are delaying having children until they have paid off their debts.
The Debt Advisory Centre (DAC) said two-thirds of respondents said personal finances played a part in deciding when to have children.
Ian Williams from the DAC said: “Starting a family is a big life step and can be expensive”.
He added: “It’s no wonder so many people say that their finances do play a role in when they think they’ll have more kids”.
Dads, are you feeling the pressure because you want to start a family and feel held back because of concerns about money?
Saving up and putting money aside for a rainy day is something that comes naturally to some people. But saving up for a family and preparing for parenthood is more of a long-term process.
So dads, the question is do you sort your cash situation out first or follow your heart?
According to statistics the average age for first time dads in the UK is 32. Some would say that is enough time to make sure you are financially stable, but with rising living costs and bills, this may not always be the case.
In the survey which includes more than 2000 people, two-fifths of people (45%) say they have started to save up so they have a ‘nest egg’ in place when they have children.
Mr Williams from the DAC went on to say: “Paying off debts is also sensible, although it’s surprising to see that so many people are having to take this step”.
When it comes to moving to a bigger place women are keener than men, according to the research.
A quarter (23%) of females, who say their finances play a part in their decision to start a family, reveal they are doing this. Compared to fewer than one in five (18%) male respondents.
Dads, remember, financial worries place one of the greatest pressures on family life. The strain can affect people’s moods and their ability to sleep at night.
Paying off debts is a sensible thing to do, as Ian Williams went on to say: “Anyone keen to start a family who feels that they have a long time to wait because of the level of debt they’re in, may want to seek professional debt support and advice to see if there’s a way they can get back in control of their finances sooner.”
