During the closing months of 2008, the Financial Services Authority (FSA) released a new financial guide which is to be distributed to expectant mothers across the UK. The aim is for new parents to take better control over their finances and debt management issues.
The FSA report that bringing up a child to the age of 18 can cost over £150,000, reflecting how essential it is for parents to take control of their finances for both the financial future of their child and their own well-being. The FSA hope that this guide will help as it overs many areas that parents will need to know about, including the childcare costs, maternity rights, savings, budgeting and state benefits.
FSA director of financial capability Chris Pond said: “The Parent’s Guide to Money helps expectant parents plan their finances at an important stage in life when they face big changes.”