In a recent study conducted by Capital One UK, it has been revealed that an increasing number of British parents are facing the challenge of parenting while simultaneously juggling their work responsibilities. The study found that 87 percent of home and hybrid working parents now regularly take care of their children while trying to manage their professional duties, with 85 percent even having to work in the same room as their kids.
The survey of parents highlighted the stress associated with the dual role, as 91 percent of them expressed feeling stressed when trying to balance work and parenting responsibilities. Surprisingly, 37 percent of respondents mentioned that working full-time in the office allowed them to concentrate more on their work, despite the challenges of commuting.
Financial Impact of Childcare Costs
Childcare costs have become a significant concern for many families, with 64 percent agreeing that these costs have become more burdensome amidst the ongoing cost-of-living crisis. Consequently, 28 percent of parents have had to cut back on childcare expenses. Additionally, 37 percent of parents reported taking holiday leave to look after their children, while 49 percent admitted to increased arguments with their partners due to the shared workspace.
Multitasking on the Home Front
The challenges extend beyond work and parenting, as parents find themselves multitasking on various household fronts. This includes responsibilities like cleaning (56 percent), cooking (55 percent), managing family mealtimes (53 percent), assisting with homework (44 percent), and handling the weekly food shop (44 percent) while working from home.
School Holidays and Financial Pressure
For many parents, school holidays and half-terms prove to be particularly challenging, with 73 percent finding them difficult to manage, both in terms of time and finances. Notably, 41 percent have sought financial assistance from friends and family during these periods. Parents expect to spend an extra £645 during half-term breaks, with a substantial portion allocated to childcare (£230), the weekly shop (£169), and entertaining their children (£246).
Financial Impact of Different Half-Terms
The study also revealed that October half-term is the most financially burdensome for 39 percent of parents, followed closely by February half-term (38 percent). In contrast, the May half-term is considered less financially challenging, with only 23 percent of parents citing it as a significant concern.
Michelle Robb, Head of Research and Insights at Capital One UK, commented on the findings, saying, “Our data shows us that half-term can be a busy, stressful, and expensive time for a lot of people, especially working parents. We’re on a mission to drive positive change in the industry, putting the best interests of our customers first, by doing one small, good thing at a time.”
She added, “Our Budget Planner is one tool that can help parents manage their spend, preparing them for the increased costs of school holidays and the period leading up to Christmas. By ensuring they budget accordingly, it will make it easier to navigate and prepare for the times of the year when spending tends to be at its highest.”
The Financial Aftermath of Summer Holidays
The study also delved into the financial repercussions of the October half-term, with parents admitting to still feeling the impact of a £609 ‘financial hangover’ from the summer holidays as they approach the upcoming break.
As working parents continue to face these challenges, finding effective solutions to balance work and family life remains a priority, especially in a time of rising living costs.
