Research from Bambino Mio reveals that British parents won’t have a second or third child because of the rising expenses.
The cost-of-living crisis continues to affect many British households as food and bills increase quicker than the average household income.
Nappy expert Bambino Mio found that new parents are struggling to keep up with the rising expenses.
Out of the thousand parents the company surveyed, over a third (43%) of UK parents feel the cost-of-living crisis puts them under significant financial pressure. Almost half (47%) admit they have significantly less to spend on their child than they did even just a year ago.
Parents of children under 10 spend an average of £5,000 a year on their children, equating to 15% of the average UK annual income and approximately £423 a month.
Because of this, nearly a quarter (22%) of British parents said they won’t have another baby due to the rising expense of raising a child in the first 12 months alone.
For new and prospective parents, the results show nappies (38%), clothing (28%), food (17%), and childcare (9%) to be the biggest expenditure in the first year after a baby is born.
As half of UK parents (48%) are looking for ways to save money, one way is using reusable nappies.
According to Bambino Mio, switching to reusable nappies can reduce their carbon footprint by up to 93% and save over £700 during their child’s nappy-wearing years – reaching up to £1700 if they are used for a second child, including the cost of washing too.
The company’s Changemaker Bundle saves 5,000 single-use nappies from being thrown away and works out to be £0.08p per use/change, compared to £0.15 for the average disposable nappy.
While the cost-of-living crisis should ease in 2024, it won’t fully be over until wages catch up for all households. Real wages compared to prices are not expected to return to 2021 levels until 2027.
Until that happens, even a slight change, like switching nappies, can help new parents save a lot of money in the long run and help the planet as a bonus.