The cost of raising a child has risen more than £4,000 from last year – with the overall cost coming to over £222,000!
Education and childcare remain the biggest costs for most families, although the rising price of food is also a concern for many.
According to the insurer LV=’s annual Cost of a Child report, the cost of raising a child up to the age of 21 has reached an average of £222,458.
The report reveals that:
- The cost of raising a child is 58% more than a decade ago (£4,000 up on last year and £82,000 more than 10 years ago).
- Three quarters of parents (76%) say that they’ve been forced to make cutbacks in order to meet the financial demands of raising a child.
- Of the three quarters of parents who are cutting back, 68% are buying cheaper goods, 56% are using vouchers and discount codes, while 27% are cutting back on food essentials.
- The cost of education (including uniforms, after-school activities and university) has gone from £32,593 per child in 2003 to £72,832 in 2013 – a 124% increase.
- The cost of childcare has gone from £39,613 per child in 2003 to £63,738 in 2013 – a 61% increase.
- From birth to age 21, parents spend an average of £19,270 on food and £16,195 on holidays per child.
What costs most affect you and your family? If your finances are feeling the strain in these areas, make sure you see how to:
- Get help with childcare costs
- Get low-cost extra learning resources for kids
- Get cheap school uniform
- Save on school supplies
- Save money on your weekly shop
- Make low-cost packed lunches
- Work out university fees, loans and grants
- Make money from home