It Now Cost More To Raise A Child In Britain
Recently insurer LV= released a Cost of a Child in the United Kingdom (UK) research it had done. According to this new research the cost of bring up a child up until their twenty-first birthday has now gone past £218,000. This is an increase of about 3.3% over the last survey the largest expenditure for parents are education which is estimated to cost close to £72,000 and childcare with estimated cost of just over £62,000.
Loss of earnings due to parents taking time to raise their children is not included in the report. It is apparent from the report that reduced disposable income and higher inflation have played a significant role on family’s financial situation. Just of 75% of the respondent n the survey reported that they have taken steps to cut back the family budget because of the greater future potential of financial headaches.
Generally parents report that they are now paying about 5% more on education including essential items such as university tuition fees, after school care, sports equipment, and school uniform.
There is an increase during the university years (18-21) in the cost of raising a child with parent forking out close to £18,000 a year. For parents with new borns there is also an increase of 2.8% in the first year cost of raising their baby which work out to about just over £10,000.
When coupled with the revelation by another insurance company, Aviva, that the typical UK family debt increased by just under 50% since the start of 2011 it would seem that many children in the UK are at risk of being out on the road because their family cannot afford them.
Most parents still have the dream of their child going to university and are will to make the necessary change to make that so.
Chances are there are those who are trying to make money by working extra jobs and playing the lottery and saving their winnings. Even those who have received accidents at work compensation are now saving for their child’s future.
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