Aldi launches support fund as new parents face £10k financial shortfall in first year

A poll of 1,000 people who welcomed their first child in the past five years found the monthly household income dropped by an average of nearly £600 a month

New mums and dads are finding themselves out of pocket by an average of £9,582 in their baby’s first year. This is due to a decrease in income but an increase in additional expenses.

A survey of 1,000 adults who became parents for the first time in the last five years revealed that the monthly household income fell by nearly £600, totaling £7,200 annually.

At the same time when their income fell most found themselves spending an extra £225 each month on essentials for their babies such as nappies, baby food, snacks, and drinks.

The cost of clothing for them amounted to around £127 for the entire year, while participation in baby groups and classes set them back approximately £415.

To save money, 49% compared prices before purchasing any new items for their new baby, while 37% opted for second-hand goods, and 35% accepted hand-me-downs. However, the ongoing costs of nappies and baby food were among the biggest financial shocks for new parents.

According to the study, 64% felt the financial burden of having a child was greater than they had anticipated – with 45% reporting increased stress levels as a result.

Furthermore, 29% said the financial impact negatively affected their overall well-being, with 23% stating it influenced their ability to make healthy dietary choices.

The data from OnePoll.com also revealed that 24% did not feel financially supported as new parents. Aldi commissioned the study and has since launched it ‘Midwifery New Parent Fund’ to assist families with the costs of welcoming a newborn.

Aldi is set to give away £100 in vouchers every week for a year to new parents. Julie Ashfield from Aldi UK stated: “No parent ever forgets the joy of welcoming a new child, but it often also brings unexpected financial challenges.”

She added that even after the major purchases before the baby arrives, there are suddenly lots of new items to add to your weekly grocery list for the first time.

Parents can apply for the Fund by emailing [email protected] with a receipt showing their latest Mamia nappy purchase.

Julie further added: “This fund is just another way that we’re supporting parents to help them better enjoy every moment with their new arrival.”

She concluded by saying: “As the UK’s cheapest supermarket, we’re committed to doing whatever we can to support parents in making their money go further.”