General Insurance Article - Childcare costs rise showing need for flexible working


Phoenix Group calls for greater access to flexible working, as two-fifths (41%) of working parents spend more on childcare during the school holidays.

 The average monthly cost of childcare and children’s activities is £1,683 higher over the school holidays compared to term time, representing over half (51%) of the average UK monthly household income.

 Despite the higher cost of childcare, almost two-fifths (38%) of parents have been denied flexible working over the school holidays.

 The research shows nearly two-thirds (64%) would like the option to work more flexibly during the school holidays to save on childcare costs.

 Phoenix Insights, Phoenix Group’s longevity think tank, has recently partnered with Timewise to create a series of podcasts to support employers and employees to have better conversations about making part-time work.
 
 New research from Phoenix Group has revealed just how costly managing childcare requirements alongside full-time work is for UK parents over the school holidays, causing some parents to not be able to work.

 Phoenix Group, the UK’s largest long-term savings and retirement business, has also revealed how many parents aren’t able to access flexible working arrangements to help them balance childcare and work over the summer holidays.

 According to the survey of 2,000 UK adults, over two-fifths (41%) of working parents see total childcare costs rise over the summer holidays, with an average estimated increase of £1,683 per month. Recent research from Coram Group also found parents spend 2.5 times more money on holiday clubs over the summer holidays when compared to term time.

 Younger parents (those aged 18 – 34) are particularly impacted, facing an even greater cost – with an average increase in childcare costs of £2,218 per month. The average monthly household income in the UK is £3,277, the rise in cost of childcare over the summer months represents over half (51%) of the average monthly UK household income, or 67% for parents aged 18-34.

 A lack of flexible working arrangements – such as the ability to work flexible hours, in different locations or part-time working – is exacerbating costs and preventing parents staying in work. Three in five UK adults (64%) say they’d like the option to work more flexibly during school holidays to save money on childcare. Despite this, almost two-fifths (38%) have been denied flexible working over the school holidays and 39% feel as though they can't work because they can't find a job that lets them juggle childcare.

 Phoenix Group’s Catherine Sermon, Head of Public Engagement and Campaigns at Phoenix Insights, said: “Flexible working arrangements can be powerful in enabling working parents to effectively manage their childcare responsibilities during the summer. In recent years, there has been a re-evaluation of working practices and an increase in the adoption of flexible working across the UK, with managers and employees being better equipped to talk about flexible working. However, as childcare costs rise sharply during the summer holidays, parents face financial pressures that may push them to choose between working or caring for their children.

 “Ensuring that all those who wish to work can, is critical in tackling the under-saving crisis across the UK as extended time out the workforce exacerbates pension shortfalls and leaves millions vulnerable to financial hardship. This is especially true for women, who are particularly vulnerable to leaving the workforce due to caring commitments”.

 The value of flexible working can be observed by looking at those who already have the opportunity, with 41% saying they would quit if this option were no longer available. Over half (55%) say they would benefit from the ability to work remotely over the school holidays but don’t have the option.

 Catherine Sermon continues: “We know that all workers, not just those with childcare responsibilities, can benefit from having flexibility at work and that there need to be better conversations taking place about the benefits of making work work for all. That’s why we have empowered employers and employees in the workplace by creating a series of practical ‘how to’ podcasts with Timewise focusing on the art of the possible.”

 At Phoenix Group, all roles are offered on a flexible, hybrid, full and part-time working basis, giving greater flexibility for all colleagues who need to balance work, regardless of the reason.
  

Back to Index


Similar News to this Story

Broadstone appoint new Director of Regulatory Analytics
Rahul Choudhary appointed Director of Regulatory Analytics at Broadstone. Rahul joins Broadstone from PwC and Standard Chartered Bank with over 14 yea
Over 7000 new homes to be built in areas of high flood risk
Environment and housing ministers must work together to enact promises made in opposition to improve flood defences and boost planning resilience, a n
Economy and cyber threats top businesses worry list
According to new research by Marsh McLennan, economic and financial challenges (43%), cyber threats (39%) and people-related risks (38%) are the top t

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.