PARENTS are drowning in the expense of having a baby and are going into massive debt as a result. News Corp Australia can reveal a survey of 1002 Australians in July found one in five parents had to return to work earlier than planned due to financial stress after having had a baby. Alarmingly, one in 10 families said they had relied on credit cards to cover basic living costs in the first year of their baby’s life. The research, conducted online by PureProfile on behalf of Mozo, also found nearly 70 per cent of Australian families with an infant felt some level of financial strain in the first year of their baby’s life and one in five parents found the expense of a new baby was more than they had anticipated. Nearly half of all parents expecting a new bundle of joy are making a concerted effort to budget and financially prepare before the birth of their baby, but despite their efforts, many are struggling to make ends meet and cover costs.
Mozo director Kirsty Lamont said the research highlighted the rising cost of babyrelated items such as nappies,