Financial advice for new mums

Parents-to-be are to receive guidance about money, under a scheme run by the Financial Services Authority (FSA).

From this summer, midwives in England will distribute packs containing information on budgeting, benefits and childcare options. According to an FSA report into the trials, "young and less financially well-off" families could save hundreds of pounds by using the guides.

The Parent's Guide to Money (PGM) also addresses topics such as maternity leave and how to save through Child Trust Funds.

Trial guides have already been distributed to about 1,500 prospective parents through employers, children's centres and to pregnant women directly. The scheme is due to be rolled out across the whole of the UK in 2009.

"We want people to have real confidence in dealing with their finances and not feel a bit anxious and stressed, especially at a time when a new baby arrives," said Chris Pond, spokesperson for the FSA.

Caroline Freeman, mother of a seven-month-old boy, welcomed the packs. "Maternity benefits take some deciphering. Plenty of employers don't have a clue how they work so it's important that mothers are given clear information as early as possible."

Business Link, the government advice service for UK business, provides guidance for employers on maternity rights.