UK Wedding News
22/01/2015
This is an increase of 63% since 2003.
The findings have been revealed in the annual 'Cost of a Child' report by LV=, and looks at the cost of raising a child from birth until the age of 21. Over the last 12 years, the cost of raising a child has increased at almost twice the rate of annual inflation.
The report said that while parents are now spending less on food, hobbies and toys for their offspring, the cost of education and childcare has significantly increased. In fact, these two areas alone account for 62% – or £141,905 – in costs for raising a child.
On average, childcare, which includes nurseries, babysitting and after-school care, costs families £67,586. A majority of the cost (£42,389), occurs within the first four years of a child's life. Regionally, those in London will spend a total of £81,276 on childcare – 20% more than the national average, while those in Yorkshire and Humberside will pay the least for childcare (£61,397).
Education costs – which ranges from stationary, books, school uniforms, trips, lunch and university fees – are said to be the largest expense, with parents paying out an average of £74,319 for non-fee paying schools. Parents with kids at fee-paying schools pay an additional £129,030.
With ever-increasing costs in mind, 44% of parents admitted they have been forced to cut their routine spending over the last 12 months to make ends meet. The spending cuts apply to items such as clothing (30%), and leisure or recreational activities (27%). A further 63% said they now buy lower-cost items when shopping, with 49% regularly using vouchers or discount codes.
Elsewhere in the report, one in 10 parents said that due to financial concerns they were having to delay plans to have another child.
Commenting on the findings, Myles Rix, Managing Director of Protection at LV= said: "Having children has never been more expensive and, with costs such as childcare and education continuing to rise, for many families across the UK this is set to remain a pressure point.
"No parent wants their child to go without and given a significant chunk of a family's income is spent on children, it is important that parents take steps to secure their household's financial future."
(JP/IT)
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Cost of Raising A Child Reaches £229,000
The cost of raising a child in the UK now stands at £229,251, a new study has found.This is an increase of 63% since 2003.
The findings have been revealed in the annual 'Cost of a Child' report by LV=, and looks at the cost of raising a child from birth until the age of 21. Over the last 12 years, the cost of raising a child has increased at almost twice the rate of annual inflation.
The report said that while parents are now spending less on food, hobbies and toys for their offspring, the cost of education and childcare has significantly increased. In fact, these two areas alone account for 62% – or £141,905 – in costs for raising a child.
On average, childcare, which includes nurseries, babysitting and after-school care, costs families £67,586. A majority of the cost (£42,389), occurs within the first four years of a child's life. Regionally, those in London will spend a total of £81,276 on childcare – 20% more than the national average, while those in Yorkshire and Humberside will pay the least for childcare (£61,397).
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Education costs – which ranges from stationary, books, school uniforms, trips, lunch and university fees – are said to be the largest expense, with parents paying out an average of £74,319 for non-fee paying schools. Parents with kids at fee-paying schools pay an additional £129,030.
With ever-increasing costs in mind, 44% of parents admitted they have been forced to cut their routine spending over the last 12 months to make ends meet. The spending cuts apply to items such as clothing (30%), and leisure or recreational activities (27%). A further 63% said they now buy lower-cost items when shopping, with 49% regularly using vouchers or discount codes.
Elsewhere in the report, one in 10 parents said that due to financial concerns they were having to delay plans to have another child.
Commenting on the findings, Myles Rix, Managing Director of Protection at LV= said: "Having children has never been more expensive and, with costs such as childcare and education continuing to rise, for many families across the UK this is set to remain a pressure point.
"No parent wants their child to go without and given a significant chunk of a family's income is spent on children, it is important that parents take steps to secure their household's financial future."
(JP/IT)
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Susanna Reid's Mother's Day Plans
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