London Nursery fees could hit 80% of the average monthly wage in April.

Data source by the private pension provider, Penfold, has revealed that the average cost to put your child into a nursery full-time could hit £59.82 per day or £1,195.04 per month by April 2023. If you’re based out of London this could hit a mammoth £86.78 per day or £1,735.65 per month – over 80% of the average UK wage. 

A recent survey of 1,156 UK nursery providers by the Early Years Alliance revealed that almost nine in ten said that they would “probably” or “definitely” increase their fees this year. This means that in April it is expected that early years providers will increase prices by an average of 8%. With this in mind, private pension provider, Penfold has investigated the growing cost of childcare across the UK in 2023. 

Considering the fees for under-twos in full-time nursery care at over 800 day nurseries across the UK, Penfold has found that the average cost to put your child into a nursery full-time is £55.39 a day or £1,106.52 a month. 

If we compare this to the average UK salary, according to ONS data, the median annual pay for full-time employees was £33,000 for the tax year ending on April 5th 2022. On a £33,000 salary, your take-home pay will be £25,851 after tax and National Insurance. This equates to £2,154 per month and £497 per week. 

This means that if you worked full-time and required full-time nursery care for your child, this would cost you over 51% of your take-home pay before you’ve even considered the cost of your bills, monthly living costs and other regular expenses. 

Whilst the average cost in the UK to put your child into a nursery full-time is £55.39 a day or £1,106.52 a month. The most expensive country is England, with their average cost per day being £61.01 and £1220.19 per month. The cheapest country to put your child into nursery was Wales, with an average of £46.46 per day and £929.38 per month. 

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