MORE than four in 10 parents of under-fives in England have got into debt or withdrawn savings to pay for childcare, according to a survey.

Campaign group Pregnant Then Screwed said that some 46 per cent of parents had reported that they rely on borrowing or their savings to cover childcare costs, up from about 35 per cent of parents in last year’s survey by the organisation.

For single parents, the proportion getting into debt or drawing on their savings is almost two-thirds.

Some 70 per cent of mothers agreed with the statement that “after paying for childcare, it doesn’t make financial sense” for them to go to work, while half of fathers felt this way.

Almost a quarter of mothers said they were considering leaving the workforce because of high childcare costs or insufficient availability.

Pregnant Then Screwed founder Joeli Brearley said many parents who want to have more children “cannot afford to do so,” adding: “If we aren’t careful, becoming a parent will be a luxury item, and the economy can’t afford to pay that price.”

A Department for Education spokesperson said the government was “rolling out the largest ever expansion in childcare support in England’s history.”