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UK Wedding News

16/02/2016

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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"A new study has found that the cost of raising a child has reached a record high."