Bounty

Parents who have a second child are choosing to give up work rather than pay soaring childcare costs, according to a survey.

It costs nearly £17,000 a year to fund full-time childcare places for two children, insurer Aviva said, and 40% of families with two children or more said it was not worth both parents working full-time to fund these costs.

Money concerns were the main reason 39% of people did not return to the workplace or chose only part-time hours after having a second child.

However for those having their first child, financial constraints were not the primary factor for quitting full-time work, with 57% saying they just wanted to have more time with their baby.

Of those who left work after having their second child, just under 50% said they intended to stay out of employment for at least five years.

Louise Colley, head of protection marketing for Aviva, said: "As any parent will know, children have a huge financial impact on a family and this can sometimes mean double trouble when a sibling comes along."

:: Tickbox.net questioned 1,084 parents during March.