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Interest-free loans needed to cover cost of childcare

1 min read Early Years
The government should help parents cover advance childcare costs with interest-free loans, according to childcare charity Daycare Trust.

The charity, which surveyed 202 parents in England, found 58 per cent of parents struggle to pay for the fees required to secure a place in a childcare setting, or even a place on that setting's waiting list. Costs can include advance fees, deposits, retainers and administration fees.

According to the report Childcare Advance, with typical weekly childcare costs currently at £167 per week, four weeks' fees in advance would mean that parents had to pay £668 when they took up a place.

The Daycare Trust is urging the government to pilot a Childcare Advance programme, offering interest-free loans to help parents cover up-front costs.

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