Almost one in five parents are being forced to cut down their work days while others are having to quit their jobs entirely to take care of their children due to a crippling increase in nursery fees, a survey has found.
The poll, commisionned by credit reference service Credit Karma, also revealed that a quarter of parents (24 per cent) are having to shell out a further £110 a month for childcare, while also shouldering increases in food, energy and other household bills.
According to an audit of regional rises in nursery costs, parents living in London and the south east have suffered most acute fee-squeeze, with a typical bill weighing in at £300 a week.
Some 21 per cent of the 2,000 parents polled said they had been forced to slim down their work schedule, while seven per cent left work entirely in order to care for their children.
Those having to stay in work are turning instead to nanny shares (13 per cent) or relying on friends and family for help with childcare (21 per cent).
And 15 per cent said they mind their children during the working day, and utilise weekends and evenings instead to catch up.
Parents still in work, however, face difficult decisions in the near future, with two in five (38 per cent) admitting that the soaring cost of living is making work too great an expense to justify.
Meanwhile, 35 per cent of respondents plan to leave their job next year in order to shed rising childcare costs.
The list of potential cost-cutting targets among struggling families is extensive, with one in six (16 per cent) having to reduce their spend on essentials, such as groceries.
Some 49 per cent of respondents looking to the future expect to decrease the amount they spend on Christmas this year.
Akansha Nath, head of partnerships at Credit Karma, said: “The cost of living crisis is a big one and it’s putting many consumers’ finances at risk, especially parents. While costs for childcare, utilities and other household bills remain outside of their control, there are things parents can do to better manage their money now.
“Take advantage of government help and support schemes available this winter and have a conversation with lenders or utility providers if you’re struggling to keep up with your bills, they may be able to help avoid bills remaining unpaid, which can have a negative impact on your credit and thus, your finances, over the long term.”
