According to new stats by the Centre of Economic and Business Research, the cost of raising a child from birth to the age of 21 has increased by £2,000 over the last year to just under £230,000 – as reported by theguardian.com.
The reason that costs have risen in such as extreme measure is down to one little factor: child care, the costs of which are increasing as we speak. The price of childcare and babysitting has risen 2.2 per cent since 2014 and 70 per cent since 2013 when the first annual LV= Cost of Child report was published.
The other thing that is costing parents is education – not private school fees but everyday costs, including uniforms, school trips and lunch as well as university fees as university fees.
In fact, the only thing that has dropped in cost over the last decade is clothing.
All this money talk is obviously daunting for any couple contemplating children but it is important to dive in with open eyes. The cost of child care is a relevant issue, which needs to be addressed by the powers that be. That said, only ten per cent of wannabe parents have postponed having kids because of financial concerns. Where there’s a will, there’s most definitely a way.
Have you postponed having children for financial reasons?
Source: Theguardian.com – “Cost of raising a child has risen by £2,000 in the past year” (http://www.theguardian.com/money/2015/jan/22/cost-raising-child-rises-2000-pounds).