Appreciate your mum- it costs over £218,000 to raise children

Raising children has always been a costly affair and parents are now shelling out hundreds of thousands to raise their little ones under the best conditions possible. According to the January annual Cost a Child Report from protection and retirement specialist LV= it costs parents £218,024 to get children from birth until the age of 21. This is equivalent to £10,382 a year, £865 a month or £28.44 a day. This figure has increased by 55% since LV=’s first Cost a Child Report in 2003.

Where parents’ spending goes

Education, childcare and babysitting took the largest share of parents’ spending at £71,780 and £62,099 respectively. This is closely followed by food (£18,667), clothing (£10,781) and holidays (£15,532). The lowest spending for parents was for pocket money (£4,337), furniture (£3,373) and personal care (£1,143)

Spending starts from the day you are born

According to Aviva first-time UK parents spend more than £425 million each year preparing for the arrival of a first baby. This equates to £1,370 per family. The survey of 1,500 mums found that this was the average spend on essentials such as pushchair, baby clothes, cot, bedding, car seat and nappies as well as nursing chairs and mum-to-be treats. A quarter of parents pay £20,813 on moving to a new house to accommodate their growing family, while 27% spend £2,658 buying a new car.

It doesn’t just stop when you are 18

Research, by Scottish Widows, shows that a number of children are still relying on the bank of mum and dad into adulthood. It found that over 10 million adult children have formed a new ‘boomerang’ generation that return to their parents for handouts. This can include assistance with mortgage deposits and everyday living costs. The average spend for parents was £12,300 when this is taken as a whole it reaches a staggering figure of £55 billion.

If paying for the cost of raising your children has pushed you into the red, debt advice could help you find a way forward.

John Lewis

John has worked within the Debt Management side of the company since January 2009 having previously worked for the court service in the Probate and Magistrates service.

Originally employed as a Customer Liaison Officer, John was promoted to manager of the group’s acquired brands within Debt Management in 2010.

John is responsible for the running of our aquired brands customer service team and also the court work team, whose function is to assist and support Debt Management clients through the often complex and confusing CCJ process.

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Appreciate your mum- it costs over £218,000 to raise children

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