Nationwide issues a major £610 per month update to customers

Nationwide said childcare costs were costing millions of its members £610 a month. New research from the building society found the bills had rocketed by around 18 per cent over the past year, causing families to "rethink future children and work".

Many parents were contemplating quitting their jobs due to the monthly figure, Nationwide found. Additionally, 60 per cent of the 2,000 parents surveyed admitted the cost of childcare had deterred them from having more children.

Although families were being put under an ongoing financial strain, the building society found that more than half (53 per cent) were still managing to set aside some money each month for their children's futures. Parents were putting an average of £98 away, citing university fees, a house deposit, or a lump sum for a child's 18th birthday as the primary reasons for doing so, the Express reports.

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Mark Nalder, Nationwide's payments strategy director, said: "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."

Earlier this week, it was announced that a £75m expansion grant would be distributed to nurseries and childminders in England to help increase places ahead of the full rollout of funded childcare. The early years pupil premium (EYPP) would also be increased by around 45 per cent - to up to £570 per eligible child per year - to help disadvantaged children in areas who need it most, the Department for Education said.