NEW parents are financially worse off by an average of £9,582 in their child’s first year, due to a drop in income and the cost of raising a child.
A poll of 1,000 people who welcomed their first child in the past five years found the monthly household income dropped by an average of nearly £600 a month – a total of £7,200 a year.
Baby food and nappies were among the biggest financial surprises for new parents[/caption]
But at the same time, an average of £225 extra each month was spent on new items for their baby, such as nappies (£54) and baby food, snacks, and drinks (£102).
Kitting out their newborn in clothes across the whole year totalled £127, while attending baby groups and classes set new parents back around £415.
It also emerged 64 per cent felt the financial impact of having a child was bigger than they’d expected – with 45 per cent saying their stress levels increased as a result.
Nonetheless, 64 per cent say welcoming their new child brought them joy and 30 per cent felt complete.
The study was commissioned by Aldi which has launched its ‘Mamia New Parent Fund’ – designed to support families with the costs of welcoming a newborn by giving away £100 in Aldi vouchers to new parents every week for a whole year.
Julie Ashfield at Aldi UK said: “No parent ever forgets the joy of welcoming a new child, but it often also brings unexpected financial challenges.
“Even after the big-ticket purchases before the baby arrives, there’s suddenly lots of new items to add to your weekly grocery list for the first time.”
The research also revealed the recurring purchases of nappies (17 per cent) and baby food (14 per cent) were among the biggest financial surprises for new parents.
Of those who tried to save money on newborn items, 49 per cent shopped around first, 37 per cent turned to second-hand items, and 35 per cent made use of hand-me-downs.
But three in 10 felt pressured to spend more on things than they now feel they really needed to during the first year of having their baby.
What’s more, 29 per cent claim the financial impact negatively affected their overall wellbeing, and 23 per cent say it impacted their ability to make healthy diet choices for themselves.
The OnePoll.com data also found 24 per cent didn’t feel financially supported as a new parent.
Commenting on the Fund, which parents can apply for by emailing mamiaparent@aldi.co.uk with a receipt showing their latest Mamia nappy purchase, Julie Ashfield added: “As the UK’s cheapest supermarket, we’re committed to doing whatever we can to support parents in making their money go further.
“This fund is just another way that we’re supporting parents to help them better enjoy every moment with their new arrival.”
Over 60% of new parents found the financial impact greater than expected, with 45% reporting increased stress[/caption]
