UK Wedding News
16/02/2016
The annual 'Cost of a Child' report from LV= revealed that the cost of raising a child in the UK, up to the age of 21, now stands at £231,843.
Over the last year, the cost has increased by more than £2,500, the report said, and in the last five years, has risen by more than £13,000.
In London alone, the cost of raising a child is now said to be £253,638.
The most expensive years are between the ages of one and four, with childcare costs and babysitting significantly adding to finances (30%). Furthermore, after education, the study found that childcare costs was the second largest expense for families.
Due to the ever-increasing cost of childcare, six in 10 respondents (61%) said they ask their family and friends to help with out with babysitting, but 47% admitted people are less available to do so than before. Meanwhile one in seven parents (15%) have to pay for a babysitter more than once a week.
Overall, the average annual cost of raising a child accounts for more than a third (38%) of the average UK household's net income. As a result, six in 10 (59%) of parents said they are struggling to manage their outgoings.
Despite financial strains however, 49% of parents confessed that they do not have a back-up plan in place if the family's main breadwinner was to lose their income.
Myles Rix, Managing Director, Protection at LV=, said: "The cost of raising a child is at an all-time high and, with the price-tag of childcare continuing to rise, family incomes are being stretched even further."
(JP/LM)
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Cost Of Raising A Child Hits Record High
A new study has found that the cost of raising a child has reached a record high.The annual 'Cost of a Child' report from LV= revealed that the cost of raising a child in the UK, up to the age of 21, now stands at £231,843.
Over the last year, the cost has increased by more than £2,500, the report said, and in the last five years, has risen by more than £13,000.
In London alone, the cost of raising a child is now said to be £253,638.
The most expensive years are between the ages of one and four, with childcare costs and babysitting significantly adding to finances (30%). Furthermore, after education, the study found that childcare costs was the second largest expense for families.
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Due to the ever-increasing cost of childcare, six in 10 respondents (61%) said they ask their family and friends to help with out with babysitting, but 47% admitted people are less available to do so than before. Meanwhile one in seven parents (15%) have to pay for a babysitter more than once a week.
Overall, the average annual cost of raising a child accounts for more than a third (38%) of the average UK household's net income. As a result, six in 10 (59%) of parents said they are struggling to manage their outgoings.
Despite financial strains however, 49% of parents confessed that they do not have a back-up plan in place if the family's main breadwinner was to lose their income.
Myles Rix, Managing Director, Protection at LV=, said: "The cost of raising a child is at an all-time high and, with the price-tag of childcare continuing to rise, family incomes are being stretched even further."
(JP/LM)
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LeToya Luckett-Walker Is Pregnant
Charlotte Crosby Finds New Romance
Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
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