Is Childcare Costing You More Than a Mortgage?

We all know that childcare costs a lot, but few of us aware of just how expensive it actually is. In fact, a shocking new survey today has revealed that childcare is starting to cost more than a mortgage payment. Yes, seriously.

The Irish Independent reports that a crèche place for one child now costs more than an average mortgage repayment for many Irish parents.

Childcare is a necessity for working parents and many struggle to afford it. Unfortunately, the burden is expected to get even worse in future months, as the IMF continues to push the Government into means-testing child benefit.

So what does this mean for all the working mammies out there? Well they could be faced with the hard choice of quitting work due to the high cost of childcare, or continuing to work, but knowing that they’re losing money because half of their wages is going toward childcare.

The survey, which was carried out by the Irish Independent, discovered that families are paying up to €1,100 a month to have one child taken care of during working hours. This figure blatantly exceeds the average monthly mortgage payment of €913.

And yes, naturally enough, the figures for childcare rise if you have two or more children in a crèche.  In fact, childcare for two or more children could be costing parents up to €2,000 per month.

“Many parents contact us about being forced into part-time work, because they can’t afford childcare. It’s a huge issue for lone parents as well,” said Orla O’Connor, the acting chief executive of the National Women’s Council.

And Orla isn’t alone in her beliefs. Government lobby group PACUB (Parents Against Child Unfriendly Budget) said that it was concerned about the IMF’s plans to stop universal child benefit and instead bring in a means-tested plan.

“Some parents might be earning good salaries, but most of it is going on childcare,” said Niamh Kelly, a spokeswoman for PACUB.

“So if you take away the little bit of help provided by child benefit you could push them out of the workforce altogether,” she added.

Are you one of the many parents that struggles to afford childcare on a monthly basis? Do you believe that childcare costs should be lowered? Let us know what you think in the comments section below.