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New mums 'incur loan charges' during maternity leave

Maternity leave can often result in women incurring bank charges and finding themselves in debt.

Research from uSwitch.com revealed 14 per cent of new mothers incur loan charges and credit card charges or take out overdrafts to meet ends meet, while ten per cent borrow cash from their family.

Only 25 per cent of women think they are financially prepared for motherhood, while 39 per cent of females who do not want any more children cite cost concerns as the reason.

A new mother accumulates an average of nearly £2,500 of debts due to maternity leave, the study found.

Raising a child to their 21st birthday now generally costs more than £218,000, the most recent Cost of a Child report from insurance firm LV= revealed.

Director of consumer policy for uSwitch.com Ann Robinson said: "Planning for a baby is tough at the best of times, but in the face of the soaring cost of living there is even more pressure on family finances."

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801343758-ADNFCR



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