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The typical cost of raising a child to the age of 21 has risen to 218,000, with education, childcare and food making the biggest dents in parents’ budgets, a report has found.
Parents spend around 10,382 a year, 865 a month and 28.44 a day on their child’s upbringing, insurer and retirement specialist LV= said in its Cost of a Child study, as it warned that families were unlikely to see the pressure ease in the near future.
The overall bill has increased by 55%, from 140,000 since the report was first published in 2003, and the latest figure is also a 3.3% rise on last year’s total of 211,113.
Family budgets have come under intense pressure due to high living costs and deteriorating employment conditions, while consumers’ savings are failing to make real returns. Spending on education, including school uniforms, after school clubs and university tuition fees, has seen the biggest rise from last year, with a 5.1% increase, and is also the biggest financial pressure for parents, at a cost of 71,780.
Childcare and babysitting costs amount to 62,099, making up the second biggest total bill for parents, a 2.7% rise on last year. Total food costs have shot up by 4% in a year, amounting to 18,667, while parents also shell out more than 4,000 in pocket money.
Mark Jones, LV= head of protection, said: “With the coalition Government
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