A survey of 2,000 parents with children aged 12 and under by finder.com.au show that 49 per cent wished they had more savings before they started a family.

One in eight parents wished they had bought a home before welcoming a child while

Nine per cent said they would have liked to have had better job security.

According to Australian Bureau of Statistics (ABS) data, 30.5 was the median age of first-time mums in 2016.

However, the survey shows that older parents were no more prepared than younger parents in their 20s.

First-time parents in their 30s and 40s who wished they had more savings came in at 51 per cent and 49 per cent, comparable to the 46 per cent of parents in their 20s.

“Parenthood comes with many new costs which might come as a shock to some young couples,” said Kate Browne, personal finance expert at finder.com.au

“Even once you’ve set up the baby’s room with a cot and change table and made all of the big purchases such a stroller and a car seat, there are numerous ongoing costs which need to be budgeted for – nappies, baby wipes, the list goes on.”

Ms Browne believes parents can get on the front foot by incorporating a savings plan alongside a birth plan.

“You’ll never fully be prepared but there are some things you can do to plan ahead,” she said.

“Looking at your finances and making a budget should help you feel more prepared and less worried about how you will support yourself and your new bundle of joy.”