The cost of raising a child from birth up until the age of 21 now stands at an estimated £229,251, according to research from insurer, LV=.
Parents can now spend up to £74,319 on education, but the cost of childcare is not far behind. Many parents find themselves spending £67,586 on childcare in total, making up 27 per cent of their household income.
The research also found that due to rising costs and child benefit changes, one in ten parents have postponed having another child. A further 51 per cent have had to make cutbacks in order to spread their money further.
Due to money worries, one in five mums have had to end their maternity leave early and return to work, with many taking on more hours than they’d like to.
Planning ahead and building a healthy supply of savings is often the best way to tackle the cost of raising a child. By putting money into a savings account with a good interest rate, you can make your money work harder. For more information about saving for the future, and to discover the personal savings options available, please get in touch with the team at Aldermore.
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