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Two in three parents would ditch their career to stay home with the kids if they could afford it

25 March 2008

BankWest research shows using childcare is a necessity rather than a choice

Two in three Australians would stay at home to look after their children if they could afford it, and a further 11 per cent are "undecided" over the issue, BankWest research has found.

The findings suggest our high cost of living and our expectations of a modern lifestyle are the main problem facing families today.

According to the 2006 Census, 1.7 million of the 2.3 million Australian families with children have both parents at work.

The BankWest research found the majority of Australian families have no choice but to use childcare in order to meet financial responsibilities placing extra burden on already stretched childcare resources.
 
And one in five families say the high cost of childcare has prevented them from having more children, while almost half believe they are spending too much.

Selina Duncalf, BankWest's head of strategy and products said the results are surprising and suggest that our society has gone full circle from a time when it was the norm that one parent - usually a mum - stayed at home to care for the family.

"Once we were expected to stay at home with our children while our partners worked," she said. "Now many women feel like they have no choice but to return to work."

"The day of the SuperMum may have passed. Are the number of women who want everything - a family and a full-on career dwindling?

"Is there a new conservatism brewing in our suburbs where the appeal of family life over the pressures of work and the corporate world is returning?"

According to the national research, there is a small slice of society (almost 2 per cent) which spends up to a staggering $800 per week on childcare.

The average weekly spend on childcare was $174 while 57 per cent spend up to $200. A further 19 per cent spend up to $400, while 7 per cent spend up to $600

The groups who spend more than $200 are generally those with more children in care, are on a higher income or are using nannies to deliver their care.

Ironically, while most families believe their childcare costs are too expensive, they also want to see wages for childcare workers increased potentially lifting their costs.

The majority of Australian families use long day care (55 per cent) followed by occasional care (23 per cent), family (22 per cent), family daycare (14 per cent) and private nanny (5 per cent).

A quarter of parents use childcare for three days per week, while 22 per cent use it for five days, another 22 per cent for two days followed by 16 per cent with one day, and 14 per cent for four days per week.

Other interesting facts:

  • More than half believe government rebates are insufficient
  • More than 57 per cent believe the government should be doing more to subsidise childcare
  • More than 42 per cent found it difficult to secure a childcare place
  • The majority of Australians surveyed (82.1 per cent) said they were happy with the level of care.
  • For the remainder who are unhappy, most of them referred to the childcare staff as the main reason for their concern while more than 41 per cent said they were unsure as to what goes on in childcare centres, high turnover of staff (33.3 per cent), workers don't seem to care (27.8 per cent) and the ratio of staff to children (30.6).
Editors: The online research was conducted with 1083 respondents in early March 2008 by market research firm BrandManagement.

-Ends-

About BankWest
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion).  BankWest is a full service bank which originated in Western Australia in 1895 and services more than 860,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers.  

In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches.  Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.

Media Inquiries:

For more information or to organise an interview with Selina Duncalf, please contact:
Brooke Stoddart
Manager - Consumer Media
(02) 8299 8694 or 0438 677 588

Asterix

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