Bringing up baby costs £180k
Nov 21, 2006
The cost of raising a child in the UK has soared by nine per cent in the past year to £180,000, research from Liverpool Victoria Building Society has revealed.
This equates to £8,578 each year between the child's birth and their 21st birthday, £715 per month or £23.50 per day.
Since the survey began in 2003, the price of bringing up children has increased by 28 per cent, the building society said, with the two biggest expenditures proving to be childcare, costing £49,092 and education, costing an average of £46,778. Perhaps unsurprisingly, this means that 61 per cent of parents both have to work in order to cover the costs of bringing up their kids, which at nine per cent, are rising faster than house prices at eight per cent.
This is leading to some parents having to make sacrifices with 68 per cent putting savings or financial planning on hold and 61 per cent changing, cancelling or postponing holidays. Some may choose to take out a personal loan for larger costs such as funding their child's first car.
The building society said that the results showed that parents needed to be more switched on about their family finances than ever before and to start planning earlier.
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