Nationwide issues urgent £610 update to millions of customers

Nationwide has issued a crucial financial update, shocking its millions of members with the latest findings that families are "rethinking future children and work" amidst surging childcare costs. According to Nationwide, the world's largest building society, childcare expenses have soared by approximately 18% in the past year alone.

The average household is now forking out around £610 per month on childcare, an increase driving numerous parents towards considering giving up their employment. A noteworthy percentage, 60%, of 2,000 surveyed parents confessed the cost of childcare makes them hesitant to expand their family further.

Despite these tough economic times, more than half (53%) of families are keeping up with their savings, managing to stash away funds each month for their children's futures. They're saving an average of £98 monthly, earmarking it for university fees, housing deposits, or to celebrate their child's 18th birthday.

Commenting on this uptick in childcare costs, Nationwide's Payments Strategy Director, Mark Nalder, noted: "This increase in childcare costs is something we naturally see at the end of the school holidays as schools restart. However, it is not showing any signs of slowing, with a significant uplift recorded in October."

"This is forcing many families to juggle childcare costs with other higher essential bills and as our research shows, many people are reconsidering having more children or giving up work altogether. However, despite these challenges, what is encouraging is that over half of respondents are still able to put some money aside for their children to use later in life.", reports the Express.