Family Funds - Is Having Children Going Out of Fashion?

As we gradually move out of recessionary times, the need to save and to get the most from our savings is at the forefront of every parent's mind. While the simple answer for decent returns is to stop spending and to deposit a good amount of cash in a fixed rate account, this is easier said than done when plans for a family are still being thought about - and have been the subject of discussion since before the credit crunched.

Yet, while it is particularly difficult to predict when the best financial time to have children will occur, recent research from Irish parenting advice website, RollerCoaster.ie, is showing that some mothers may now be less enthusiastic about the prospect of having children because of the financial implications involved.

In results from a RollerCoaster.ie survey published in September, 78 percent of parents said they would hesitate to expand their families because of the increased costs involved. More than 50 percent of mothers asked admitted that it is not currently worth their while to work - because of costs such as those for childcare - and they would be better off if they were claiming social welfare instead.

The survey comes before child benefit payments are set to be either cut, taxed or means tested in the near future as part of the upcoming Budget. Yet the research does seem to have a definite focus on families that already have a number of children, and doesn't give much insight into whether prospective first-time parents are set to change their family plans. I don't hesitate to add that I doubt many adults who had plans to start a family around the time of the credit crunch are still set on putting it off - even if they did so a year ago.

Research in the UK signifies, at least, that it is not money itself which is of most concern to young mothers. In a survey by WorkingMums.co.uk, a 79 percent majority of mums pointed out that flexibility in work was the top priority during the recession - while more than half (54 percent) admitted that they would take a lower paid job for more flexible hours. One thing that is consistent in both sets of research, however, is that as the economy looks to improve more parents are eager to spend more time at home with their children - and employers are certain to need to adapt to this.

Paul Roberts writes about family finance, savings accounts and looks at the best savings rates available.