Many new parents find themselves overwhelmed when trying to decide what types of childcare are most suitable for them and their child. The costs associated with childcare provision are also a concern – especially in the current economic climate, where household budgets are under pressure. However, help is out there for hardworking Mums and Dads – for instance, many parents are unaware that they can help pay for childcare with a childcare voucher scheme from their employer.
This is designed to help working parents pay for Ofsted (or equivalent)registered childcare, saving up to £933 a year, depending on your earnings. If two parents take the full amount available, the family could save up to £1,866 a year in childcare costs. As such, this is a valuable scheme, with research from Insitas showing that over 90% of parents consider childcare vouchers to be financially helpful when covering the cost of childcare.
There is often a misconception that childcare vouchers are only available for nursery fees for younger children. In fact childcare vouchers can also be used for all registered childminder fees, afterschool clubs, school holiday camps, ches, breakfast clubs, nannies, and even the care element of boarding school fees up to the age of 15 or 16 if the child is disabled.
Childcare is a hugely important and emotive subject for parents and one that it often complicated by cost. The latest research by the DayCare Trust shows that the cost of childcare is increasing above the rate of inflation and in some areas, the cost of a full time nursery place can be nearly £22, 000 a year. Childcare vouchers go some way to reduce the financial pressure on working families along with government subsidised childcare places and tax credits for those with lower earnings