Families are projected to have saved up to £7,500 a year on childcare costs per child thanks to the rollout of Government funded scheme.
Education Secretary Bridget Phillipson has announced that the Plan for Change scheme has supported parents with their balance work and home life, as well as boosting the economy.
Some 530,000 children are now benefiting from government-funded childcare, which has surpassed the original target set at the beginning of the month.
The implemented scheme has helped ease household financial pressures, provided children with high-quality early education and enabled parents to stay employed.
Households saving up to £7,500 a year on childcare costs - are you eligible?
| GETTYThe scheme has had significant uptake across the country, with there being over 78,000 validated codes in the North West and almost 92,000 in the South East.
In light of the scheme’s success, Ms Phillipson said: “When we launched the 30 hours childcare expansion at the start of September, we said around half a million families were on track to benefit.
"Today’s figures show we have gone even further.
“It is fantastic to see our Plan for Change delivering for families - helping them save up to £7,500 a year per child on childcare costs and supporting parents to balance work and home life.
Households are struggling with childcare costs | GETTY"This is real cost-of-living relief that families can feel in their pockets today.
“As the next bidding round of school-based nurseries kicks off today, we are not slowing down. This government is giving hard-working parents the support they need and ensuring every child gets the best start in life."
Improving access to quality early education and helping families manage daily life are central priorities of the Government’s Plan for Change, Ms Phillipson claims.
Alongside this scheme, Labour plans to increase funding for early years entitlements to over £9billion next year to provide mothers in particular with additional support.
The government reiterated its commitment to the Best Start in Life strategy, which is backed by £1.5billion to rebuild early years services.
The average cost of sending a child under two to nursery is £138 per week for part-time care and £263 for full-time.
Alexandra Loydon, the group advice director at St. James’s Place, previously highlighted the eligibility criteria for childcare support, which includes applicants being based in England, having children aged between nine months and four and earn at least the equivalent of the National Minimum or Living Wage for 16 hours a week on average.
She explained: "The funding is also means-tested at the upper end. Families where one or both parents earn £100,000 or more are not eligible for the free hours.
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Are you eligible for childcare support?
| gbnews"This is just one of the childcare benefits missed out on by people in this income bracket, with those earning above this threshold also not eligible for tax-free childcare, where the Government adds £2 for every £8 spent on approved childcare.
"In addition, child benefit (worth £1,354.60 a year for the first child and £897 for each additional child) starts to be reduced via the High-Income Child Benefit Charge when one parent earns more than £60,000 and is lost entirely once earnings reach £80,000.
“With the total cost of raising a child said to be the highest it’s been since calculations started in 2012, families with salaries just above the eligibility criteria may want to explore strategies to reduce their taxable income and make childcare more affordable.
"This could include maximising pension contributions, using salary sacrifice schemes, or taking advantage of other tax-efficient allowances."