Childcare costs 'force more parents to consider remote and flexible working'

Online timesheet software could become increasingly important as more parents take advantage of remote working in a bid to cover their childcare costs.

Two-child families are being forced to cut down their working hours in order to look after children, according to new research by Aviva.

Four in ten families believe that it is not worth both parents working full time after the birth of their second child, with childcare costs for two children costing nearly £17,000 per year.

Around half of parents that do not return to work after their second child take at least five years off before getting another job, which is equivalent to an average loss of earnings of £125,000.

Commenting on the findings, the insurer's head of protection marketing Louise Colley explained: "As any parent will know, children have a huge financial impact on a family - and this can sometimes mean double trouble when a sibling comes along!

"This is why protecting the family is so important, perhaps even more so when there are more mouths to feed."

A recent report by the Family and Parenting Institute (FPI) indicated that the UK has received a grade D rating for its childcare costs and elderly care provision.

Estimates indicate that the cost of raising a child from birth to the age of 21 is around £200,000 in the UK.

Automate Timesheet & Expense Management with Atlantic Global's OnDemand Software

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