Monday 22nd of February 2010
Financial constraints are forcing many women with babies and young children into work when they do not necessarily want to go back into employment, a claim suggests.
Parents of young children may find now is the time to get their questions on individual voluntary arrangements (IVAs) answered if a lack of cash means mums and dads have had to reassess their jobs.
According to Prima Baby, a lot of mums would like to work part-time so they can maintain a healthy work/life balance.
But families with climbing unsecured debts may find their finances are tipped seriously into the red, making full-time work the only option for mothers so they can bring home a higher income.
Mothers who would like to spend more time with their children may find an IVA helps.
IVAs freeze the interest on unsecured debts, cutting down repayments. With such a monetary support in place, mums may be able to work a part-time job as the rest of the household income could stretch further when it comes to paying off debt.
This might not only help ease finances but the guilt that many working mothers feel when they leave their kids each day.
"A lot of mums do like to have the work-life balance of working part time, but unfortunately that is often not financially viable, particularly in a low-paid job, because the cost of childcare and perhaps travel just swallow up what you make part time," says Georgina Wintersgill, features editor at Prima.
"So for a lot of women that’s not an option," she adds.
While mums and dads may feel guilty that an IVA is required to help them with their debt, they may want to look to the bright side that in around five years, their household coffers should be in a much stronger position.
This could enable parents to be able to put money to one side for their kids’ futures.
As such, undertaking an IVA when children are as young as possible could prove beneficial to families.
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- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA answers may help older Brits fill their coffers
