Raising a child after a year

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230,000 – with inflation-busting childcare jumping 4. Bringing up a child in the UK costs almost a quarter of a million pounds, more than the price of an average home, research suggests. 231,843, the Centre for Economics and Business Research and insurer LV said. It added thatĀ households spend around 38 per cent of their combined net incomes on raising a child. Across the country, childcare costs increased by 4. 3 per cent last year, the report said.

What do they teach kids in financial education? 74,430 up to the age of 21, excluding any private school fees, LV says. 74,000 figure includes school uniforms, lunches, trips and equipment as well as university costs. 260,927 for a child boarding at school. 19,004 up to the age of 21.

London is unsurprisingly the most expensive area of Britain to raise a child. 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. An unforeseen illness or accident could have a huge impact on family finances and we would urge parents to ensure they have a plan in place to guard against a sudden loss of income, for example taking out an income protection product. Facing ever-increasing costs, 59 per cent of parents admitted to struggling with the cost of bringing up a child.

Over 60 per cent said they ask friends and family to help them take care of their little ones. But, nearly half said people are less available to pitch in than they were in previous years. One in seven parents said they need to pay for a babysitter at least once a week. In London, this figure rises to 52 per cent. Nearly half said they have no plan in place if their household’s main breadwinner lost their main source of income. Nick Hill, Money Expert at the Money Advice Service, comments: ‘Having children is a hugely exciting time but it can also be very expensive, as these figures show.