One in five parents will consider reducing working hours or quitting work altogether in 2015.
This comes after a national survey for the charity 4Children shows that parents are financially struggling due to high childcare costs.
The study finds that more than a quarter of parents are cutting back on treats to reduce their childcare costs but more pressingly, 16% of parents may have to cut back on the household essentials over the next year.
Over half the parents surveyed said they thought that political parties should attempt to help more with childcare costs.
Tristram Hunt, Shadow Education Secretary said that under David Cameron’s government, childcare costs have increased by 30% and childcare availability was increasingly more difficult to find.
"We will increase free childcare for working parents with three- and four-year-olds from 15 to 25 hours, making a real difference to hard-pressed parents”.
4Children Chief Executive Anne Longfield OBE said “The family vote will be key at the ballot box in May and 4Children is throwing down the gauntlet to politicians to set out how they will ensure childcare meets the needs of modern family life.”