Two-thirds struggle to recover financially from fertility treatment

Britons looking to grow their families and struggling to do so are dipping into their savings (34%), swiping their credit cards (19%), or borrowing money from friends and family (19%) to finance their fertility treatment. What’s more, 73% of those who have already undergone treatment say they were willing to take on debt to do so.

With the NHS waiting list continuing to experience the effects of COVID delays, the majority of Britons now opt to at least partially self-fund IVF and fertility treatment privately.

Acording to smart money platform, Credit Karma, hopeful parents are willing to fork out £9,945, on average, to increase their chances of conceiving a child, with more than one in 10 (11%) willing to pay over £20,000. 

To finance their fertility treatment, many people have relied on borrowing money, with credit cards (20%), personal loans (17%) and installment plans through their fertility provider (12%) amongst the most popular means of payment, along with loans from family and friends. Factor in mounting APRs and this can really add up for consumers. The average APR for credit products used to finance Brits’ fertility treatment was 15%.

In contrast, just one in 10 (11%) were able to pay for some or all of their fertility treatment with cash, suggesting fertility treatment has become unaffordable for the vast majority. In fact, more than two-thirds of couples report that their treatment has had a lasting impact on their finances.

Regardless of the cost, 78% of respondents say the cost of fertility treatment feels worth it even though almost one in five(19%) reported they did not achieve the intended result of their fertility treatment. 

Akansha Nath, Head of Partnerships at Credit Karma, said”Trying for a baby can be an incredibly emotional experience, and as our data shows, many couples are willing to spare no expense – and I don’t blame them. However, for the vast majority of Britons who don’t have the cash to cover the treatment upfront, borrowing is a faster and easier way to get a jumpstart on their treatment. But finance packages offered by clinics and certain lenders might be steeper, making shopping around for more favourable interest rates even more important. My hope is that consumers will do their research and shop around for the best financial products to suit their needs so they can avoid being victims of high-interest debt.” 

 Despite the financial challenges that accompany undergoing fertility treatment couples are, in the most, in agreement that their treatment was worth it, with more than half (57%) of respondents successfully conceiving, and another 29% still trying for a baby.