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New debts for new mums - some interesting figures

By Matthew Plant

19 April2021

Stressed mum looking over finances with child A drop in income can easily lead to debt. When it's accompanied by an increase in expenditure, the effects can be even more severe. Recent research gives us some insight into reality of being a new mum - something that slashes most people's incomes at the same time as incurring all kinds of new costs.

The figures, from uSwitch.com, indicate that 28% of new mums end up in debt, to the tune of almost 2,500 on average.

They say you can never save up too much money for a new arrival, and when the time arrives, a mere 25% of respondents said they felt prepared financially.

It's easy to see why. Before their maternity leave even starts, the typical expectant mother will have spent over 1,500 preparing for the birth, going on to spend a further 1,400 while they're actually off work.

So what sort of debt are we talking about? It seems 14% turn to loans, overdrafts and credit cards, while 10% will borrow from their loved ones.

A spokesperson for Think Money commented: "Any life-changing event can have a massive impact on a household's finances. It's hard to anticipate how your income and expenditure are going to change, but there are ways to plan ahead to try and make it easier. When it comes to having a baby, for example, talking to other parents is a great way to find out what you can expect.

"Once you feel you're equipped with the right figures, it pays to figure out a new budget that's based around your new situation. This can really help you understand the impact your new arrival will have on your household finances, so you can try and find the best way forward."

Image iStockPhotos / Chris Fertnig

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Tags: debt, mums, parents, family, budget, child birth, advice, help, maternity

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