Did you know the cost of raising a child has risen at twice the rate of inflation over the last 12 years? Absolutely gobsmacking!
A 2015 study found that the average cost of raising a child from birth to 21 is now £229,251. Most of this cost goes on education and childcare, with furniture and personal care costing the least.
The cost varies quite a lot throughout their lives, with the first year and late teens being the most expensive. Your location in the UK will also affect the cost of raising a child. For example, raising your child in Greater London will cost 17% more than raising them in the North East of England.
| Education | £74,319 |
| Childcare & babysitting | £67,586 |
| Food | £19,517 |
| Clothing | £10,942 |
| Holidays | £16,675 |
| Hobbies & toys | £9,377 |
| Leisure & recreation | £7,486 |
| Pocket money | £4,603 |
| Furniture | £3,434 |
| Personal care | £1,146 |
| Other (driving tests, gifts etc) | £14,167 |
Curious how much you have probably spent on your kid(s) so far? Have a go with our handy calculator to work it out. Simply enter the age of your child(ren), where you live, and whether or not you have paid for university. Be prepared to be surprised!
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*Information within this blog post has been source from https://www.lv.com/life-cover/lv-love-life/cost-of-a-child. The content of this blog is for information purposes only, we do not accept any liability for the information published on this website.