New research suggests that British fathers are more involved in childcare than ever before.
However, this also means that more fathers have now decided to stop or reduce their working hours when a new baby arrives. This obviously has a direct impact on household finances.
‘Stay-at-home dads’ have increased ten-fold in the last decade according to the latest Aviva survey. This trend keeps increasing; with figures also showing that 26% of dads either gave up work or reduced their working hours after the birth of their children, and 44% regularly look after their children while their partner works.
In fact, the study suggests that when determining who would look after the children, 46% of families based their decision on the fact that the main income earner could keep working – without gender being particularly relevant to this decision.
As a result of this trend, women are increasingly adopting the role of the main breadwinner. The number of women in employment has increased from 56% in 1971 to 70% in 2008. In contrast, male employment fell from 92% to 78% over the same period.
Less money, more expenses
“It’s really interesting to see how the responsibilities of parents are shifting. There’s no longer a ‘norm’ for who does what in a family relationship, and it’s great that many mums and dads are enjoying non-traditional roles,” said Louise Colley, Head of Protection Marketing for Aviva.
“However, this also means that many families are relying on one salary which can leave them financially vulnerable.”
The extra costs that come with having a new child can be crippling for many families. Attempting to pay for necessities like clothes, school equipment and nursery fees on one salary is not easy.
Making cutbacks and budgeting is the most effective way to manage your expenses. Unfortunately, however, budgeting is not always enough. Unsecured loans are available to give you access to the funds you may require.
As with any form of borrowing, it is important to ensure that you are able to meet repayments and fully understand the terms and conditions attached to your loan.