UK Wedding News
30/04/2013
Interestingly, the amount is 59% higher than what new mums had expected, Female First has said.
First time mums estimated an average cost of £5,400 per year to raise a child.
The survey also found the total cost of raising a child to the age of 18 is now £154,440, a 15% jump from 2011 and three times higher than the amount in 2001.
Food was found to be the largest cost, accounting for 43% of a weekly spend, alongside expenses ranging from childcare to pocket money and school fees, while it was revealed that 73% of parents said their top financial priority was to ensure their children are looked after if they were unable due to death or illness.
Bonnie Burns, Product Director for Legal & General's Retail Protection business, said: "We all know there are financial pressures involved in raising a family. Current levels of inflation and the weak state of the economy mean that the cost of bringing up a child is rising quickly – threefold in the past 10 years.
"Our report shows that new mums are massively underestimating how much it could cost to raise a child. It’s vital that new parents are fully aware of the potential costs so they can undertake financial planning and provide their families with the best possible living standards for their means."
The figures in Legal & General's Value of a Parent report are collated from expectant mums and mums with a child under a year old.
(JP/CD)
20/03/2020
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
Lin-Manuel Miranda Homeschooling Kids
Kristen Bell Speaks Of Pride For Daughters
Prince George & Princess Charlotte Now Homeschooled
Cost Of Raising Kids Soars 'To £8k A Year'
According to new figures from Legal & General Retail Protection, the average cost of raising a child now stands at £8,580.Interestingly, the amount is 59% higher than what new mums had expected, Female First has said.
First time mums estimated an average cost of £5,400 per year to raise a child.
The survey also found the total cost of raising a child to the age of 18 is now £154,440, a 15% jump from 2011 and three times higher than the amount in 2001.
Food was found to be the largest cost, accounting for 43% of a weekly spend, alongside expenses ranging from childcare to pocket money and school fees, while it was revealed that 73% of parents said their top financial priority was to ensure their children are looked after if they were unable due to death or illness.
- - - - - - Advertisement - - - - - -
Bonnie Burns, Product Director for Legal & General's Retail Protection business, said: "We all know there are financial pressures involved in raising a family. Current levels of inflation and the weak state of the economy mean that the cost of bringing up a child is rising quickly – threefold in the past 10 years.
"Our report shows that new mums are massively underestimating how much it could cost to raise a child. It’s vital that new parents are fully aware of the potential costs so they can undertake financial planning and provide their families with the best possible living standards for their means."
The figures in Legal & General's Value of a Parent report are collated from expectant mums and mums with a child under a year old.
(JP/CD)
Top stories
20/03/2020
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
Lin-Manuel Miranda Homeschooling Kids
Kristen Bell Speaks Of Pride For Daughters
Prince George & Princess Charlotte Now Homeschooled
