Options on childcare abound

London, United Kingdom, January 26: A recent You Gov poll has indicated that parents in the North West often lose out on their childcare cash entitlement. In an attempt to make parents aware of the financial support available to them, the Department for Children, Schools and Families (DCSF) joined hands with Martin Lewis, a Money Saving Expert.

The results of the You Gov poll exposed that close to 57 percent of the people felt that they were incapable of saving money. A little under half (47 percent) were unsure of their ability to meet their expenses over the next half year. It therefore, came as no surprise that one-third of the parents spent sleepless nights tormented by money matters.

There were many more alternatives to fund childcare costs than people were aware of, averred Leis. He said, "There are a number of options to help families with their childcare costs, more options than many people think. A little bit of time is needed to check entitlements and how to apply, but it is worth it. The time spent can produce some serious cash for families."

He opined that under the current stressful economic scenario parents could do themselves a world of good by taking tax credits on childcare vouchers. They could, in this manner, save thousands of pounds and do away with a lot of financial pressure.

The Children’s Minister Beverley Hughes urged parents to look into their entitlement options. She said, "We want to ensure that families across the country have access to affordable childcare and tax credits can help those families on low incomes, enabling all parents to give their children the best start in life."

Parents can avail childcare voucher scheme from their employers which entitles them to pay for their childcare from their pre-tax income. Sadly, many parents were unaware of such a scheme. Parents who spent 16 hours a week on their jobs could cover 80 percent of childcare costs through tax credits.

One child parents could get back up to £140 a week, while parents with two or more children were entitled to get back up to £240 a week. A large number of childcare providers offer 3 and 4 year olds a minimum of twelve-and-a-half hours of early learning each week.

Such options that provide financial help for childcare must be availed of. Ignorance is definitely, not bliss.