The cost of raising a child

POSTED: 16th February 2015
IN: Personal Guides

Raising a child from birth to the age of 21 costs parents £229,251

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.


Embed Code:

<h3>Share this Image On Your Site</h3><textarea onclick='this.focus();' style='width:540px;height:50px'><p><strong>Please include attribution to with this graphic.</strong><br /><br /><a href=''><img src='/media/2656/406925_aldermore_cost_of_raising_a_child_infographic.jpg' alt=’How much does it cost to raise a child in the UK?’ width='540px' border='0' /></a></p></textarea>

The content published on this website is intended to provide information only. The reader should seek advice from experts on the subject matter and independently verify the accuracy and relevance of any information provided here before relying upon it or using it for any reason. You can view our terms and conditions here.

Want to read more?

Related Links

  • Personal
  • Personal Savings
  • Article
  • Guide