The cost of raising a child from birth to 21-years-old is more than a house, according to new research by LV.
The insurer’s ‘Cost of a Child’ report, finds that the price of raising a child to age 21 has risen to an all-time high of £231,843 - or £878/month.
In comparison, the average UK home cost £212,430 in January 2016 – £19,413 less - according to Halifax’s latest house price index. See our House Prices Up 9% news story.
The biggest source of expenditure is education at £74,430, according to the report. This covers costs associated with school, such as trips, textbooks, uniforms and lunch, as well as university fees. It does not however, take into account private school fees.
Childcare and babysitting, is the next largest outlay costing a whopping £70,466 over 21 years, while food costs follows at just over £19,000.
Six in ten parents struggling
LV says six in ten parents (59%) admit they’re struggling to manage their outgoings, while nearly half (49%) don’t have a plan in place if the main breadwinner were to lose their income due to accident or illness.