Plan finances early to avoid debt worries
/EINPresswire.com/ Responding to research from uSwitch.com which found that debt and other financial worries are forcing new mums back to work early, financial solutions company Think Money said that new parents and parents-to-be should bear in mind the longer-term financial impact of a new addition to the family - and take care of their money accordingly.
uSwitch.com found that over half (52%) of mothers returning to work did so because of financial constraints, compared with just 22% returning to further their career.
Furthermore, over four in ten (41%) end up in debt during their maternity leave, and almost one in ten (9%) have to return to work earlier than they would like just to make ends meet.
A financial expert at Think Money commented:
"Becoming a parent often comes with its financial downsides. Most families will experience the temporary loss of one parent's earnings after the birth of a child, as well as the increased household costs.
"This is just one of many things that parents must plan for. It's a good idea to set aside some time to work out a new budget for the future.
"But this kind of advice doesn't just apply to parents - it could apply to people who are soon to retire, or anyone else who anticipates a fall in income in the near future.
"Failing to plan well could lead to financial difficulty, and an inability to maintain any existing financial commitments, which could have serious consequences. Even those who do plan well could struggle unexpectedly if their income has fallen significantly.
"We urge anyone who does find themselves struggling, or those who are beginning to worry about their finances, to seek debt advice as soon as they can. A debt adviser could help them find a solution that fits around their new circumstances, such as a debt management plan."
-ENDS-
Notes to Editors
Think Money is one of the UK's leading financial service providers, and offers a comprehensive range of financial solutions, including debt management plans and debt consolidation loans.
Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.
For more information, contact Melanie.Taylor@thinkmoney.com (0845 056 6480).
uSwitch.com found that over half (52%) of mothers returning to work did so because of financial constraints, compared with just 22% returning to further their career.
Furthermore, over four in ten (41%) end up in debt during their maternity leave, and almost one in ten (9%) have to return to work earlier than they would like just to make ends meet.
A financial expert at Think Money commented:
"Becoming a parent often comes with its financial downsides. Most families will experience the temporary loss of one parent's earnings after the birth of a child, as well as the increased household costs.
"This is just one of many things that parents must plan for. It's a good idea to set aside some time to work out a new budget for the future.
"But this kind of advice doesn't just apply to parents - it could apply to people who are soon to retire, or anyone else who anticipates a fall in income in the near future.
"Failing to plan well could lead to financial difficulty, and an inability to maintain any existing financial commitments, which could have serious consequences. Even those who do plan well could struggle unexpectedly if their income has fallen significantly.
"We urge anyone who does find themselves struggling, or those who are beginning to worry about their finances, to seek debt advice as soon as they can. A debt adviser could help them find a solution that fits around their new circumstances, such as a debt management plan."
-ENDS-
Notes to Editors
Think Money is one of the UK's leading financial service providers, and offers a comprehensive range of financial solutions, including debt management plans and debt consolidation loans.
Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.
For more information, contact Melanie.Taylor@thinkmoney.com (0845 056 6480).
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