UK Wedding News
03/06/2013
According to a research, commissioned by cashback website Quidco, it was revealed that the soaring costs for parents are as a result of purchasing their children clothes, gadgets, driving lessons and even helping to pay living costs at university.
As a result, the total amount a parent will spend on their child from birth to 18-years-old, is now said to be £51,575, which is an average of £2,774 each year.
The most amount of money was found to go towards sports clubs, groups and after-school activities, costing parents £15k a over the length of childhood, or £843 a year. School uniforms and sports kits cost £130 a year, with new clothes and shoes are an additional £251 a year. When it comes to books, toys and DVDs, it's an additional £216, with electronic gadgets costing £154 and pocket money costing an extra £189.
Giving children money to go out and socialise with friends will set parents back £258, while petrol money for driving them around will cost £262.
Holidays, such as Christmas and birthdays, also drive up the cost by £157 and £117, respectively.
Interestingly, the findings showed that it only costs around £50 more to raise a girl, highlighting very little financial difference when raising either a boy or girl.
Andy Oldham, Managing Director at Quidco said: "Everyone expects children to leave a dent in your pocket, but it’s staggering to actually see the figures in front of you.
"You always think about things like clothes, school uniform and sports clubs costing a small fortune but there are so many other things that mean you have to open your wallet.
"Things like the petrol to ferry your children around and pocket money all leave a hole in your bank balance.
"As for birthday and Christmas gifts, these are only likely to get more extravagant and expensive as the children get older and go from wanting a small toy to computer consoles and top-of-the-range gadgets to keep up with their friends.
"If parents are feeling the pinch, you need to save money in every possible way."
(JP)
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Raising A Child Costs £51k - Survey
The cost of raising a child is now reported to be more than £51,000.According to a research, commissioned by cashback website Quidco, it was revealed that the soaring costs for parents are as a result of purchasing their children clothes, gadgets, driving lessons and even helping to pay living costs at university.
As a result, the total amount a parent will spend on their child from birth to 18-years-old, is now said to be £51,575, which is an average of £2,774 each year.
The most amount of money was found to go towards sports clubs, groups and after-school activities, costing parents £15k a over the length of childhood, or £843 a year. School uniforms and sports kits cost £130 a year, with new clothes and shoes are an additional £251 a year. When it comes to books, toys and DVDs, it's an additional £216, with electronic gadgets costing £154 and pocket money costing an extra £189.
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Giving children money to go out and socialise with friends will set parents back £258, while petrol money for driving them around will cost £262.
Holidays, such as Christmas and birthdays, also drive up the cost by £157 and £117, respectively.
Interestingly, the findings showed that it only costs around £50 more to raise a girl, highlighting very little financial difference when raising either a boy or girl.
Andy Oldham, Managing Director at Quidco said: "Everyone expects children to leave a dent in your pocket, but it’s staggering to actually see the figures in front of you.
"You always think about things like clothes, school uniform and sports clubs costing a small fortune but there are so many other things that mean you have to open your wallet.
"Things like the petrol to ferry your children around and pocket money all leave a hole in your bank balance.
"As for birthday and Christmas gifts, these are only likely to get more extravagant and expensive as the children get older and go from wanting a small toy to computer consoles and top-of-the-range gadgets to keep up with their friends.
"If parents are feeling the pinch, you need to save money in every possible way."
(JP)
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