Submitted by Steve Myers on Tue, 20/07/2010 - 11:30
In order to deal with high costs for childcare, millions of "average" two-child families have to cut their working hours, according to new research.
Four in ten families think it is not worth both parents working full time after having a second child, the poll conducted by insurer Aviva found.
Full-time childcare for two offspring can cost up to £17,000 per year and as a result of this, many families have been forced to opt for a parent to cut their hours or give up work completely.
After having a second child, 39 per cent of people choose to stay at home for financial reasons rather than because they want to spend more time with their new baby, which is the case for 57 per cent of first-time parents.
Some 45 per cent of parents who do not return to work after their second child is born take at least five years off.
Over that time, potential earnings of more than £125,000 on average are lost.
The government recently announced it would scrap the Child Trust Funds scheme which provided children born on or after September 1st 2002 with a savings and investment account that could not be accessed until their 18th birthday.