Almost 1 in 4 parents say that the cost of full-time nursery is greater than the extra income gained by going back to work, according to new research from MyEd,com, the comprehensive online guide to education choices…
MyEd.com’s research, which commissioned YouGov to poll 1,342 UK parents on a range issues relating to their attitudes towards the costs and benefits of nursery, also found that a similar proportion of parents (23%) saw the cost of nursery fees as one of the main concerns in their household. Nursery costs are even more of a concern in the capital, with 33% of Londoners citing their financial impact as one of their main household worries.
Meanwhile, parents are desperate for more nursery care for their child, with 20% saying that they would like to enrol their child in more nursery hours but can’t afford to do so, and 13% saying that they would be willing to pay more tax in order to ensure free nursery care on a full time basis.
This is perhaps unsurprising given the huge benefits parents expect from nursery care. MyEd.com found that almost 1 in 2 (49%) believed that sending their child to nursery would help with their social development, while 17% of parents believed that sending their child to nursery helped them to progress in their career.
Despite these benefits, the ‘cost of nursery crisis’ is making parents think again. Only 8% of parents surveyed thought that the nursery fees which they paid were good value for money.
Professor Upkar Pardesi, co-founder and chairman of MyEd.com, says: “It’s becoming increasingly clear that we in the UK are experiencing a cost of nursery crisis, with households paying over the odds in order to try and help with the development of their child and of their career. Parents are desperate to secure more nursery hours for their child, but are putting themselves into ‘negative nursery equity’ to pay for it, worrying families and destabilising their finances. Following last week’s general election, parents will be holding the new Conservative government to their promises on expanding free childcare provision and helping to tackle costs.”
The findings coincide with the launch of MyEd.com, a comprehensive listings platform that enables parents and students to plan a path through education. MyEd.com is the only listing site of its kind that spans all types of education institutions from nursery through to higher education. It consists of insight and reports from Ofsted, UCAS, HESA, HEFCE, ISC and ISI about education systems as well as feedback from parents, students and the institutions themselves. It also offers an Advice Centre that includes articles, information and guidance from leading UK experts on education decisions in the UK.