Raising A Child Now Costs Parents Over £230,000
That's more expensive than buying a semi-detached house.
It's now more expensive to raise a child in the UK than it is to buy a house.
Parents will have spent an average of over £230,000 by the time the child turns 21 years of age.
That's £2,500 pounds more than last year and a £13,000 increase compared to five years ago.
It means over a third of a household's total income is used to bring up a child.
Childcare costs are largely to blame for the increase.
Jane Hornby is a mum from Beverley and says with rising costs, being able to provide for her son is a constant worry. She told Viking:
"They need laptops for school, they need shoes, they need clothes, we seem to be on a constant round of replacing things. We have work experience coming up and he needs specific items for that and the expense just seem to keep on carrying on and on.
"For me, I particuarly find the teenage years financially difficult. Schools do put requirements on such as school trips and there is always a worry that you can't provide or pay for that and your child is going to miss out. As a single parent in the past, it is something I worried about every day.
"We have had to make some big cutbacks, we haven't had a holiday this year as there is a choice and you either pay for school trips or other items they need or you go out so there is always a compromise."
Jane also runs Yorkshire Netmums and says it's a problem parents often come to her with:
"We constantly have people asking for suggestions on how they can save money and how they can help pay for things for their children. With the way things are going and how it is harder for children to move out of home once they reach adulthood, the likelihood is that parents will have to procode for their children for longer than they might have done some years ago."
The most expensive years are between the ages of one and four, with the cost of childcare and babysitting the biggest financial burden.
Myles Rix helped carry out the report from protection specialist LV= and 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. “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.”