Infographic: What is the cost of raising a child ?

Today – Infographic: What is the cost of raising a child ?

Take a little look below it’s shocking! May I suggest if you think you will spend 10k in your baby’s first year you need to visit Baby Budgteing a bit more often!

Check out how much prices have changed over the last 10 years….

Having children has never been more expensive, with the cost of bringing up a child until he or she is 21 at an all-time high of £222,458. This is more than £4,000 up on last year and  £82,000 (58%) more than ten years ago, when the first annual Cost of a Child Report ^[1] from protection specialist LV= was published.

What is the cost of raising a child ?

Education and childcare remains the biggest expense. The cost of education* (including uniforms, after school clubs and university costs) has shot up from £32,593 to £72,832 per child in the last ten years – a 124% increase. Childcare costs have also rocketed from £39,613 in 2003 to £63,738 today – a 61% increase.

From birth to 21, parents spend an average of £19,270 on food and £16,195 on holidays – which now cost 4% more than last year. In fact, in the last decade, costs have risen in all areas of expenditure apart from clothing, which has seen a 5% drop.

Category	2003	2012	2013	% difference from last year	% difference from 2003
Education*	£32,593	£71,780	£72,832	1.5%	123.5%
Childcare & babysitting	£39,613	£62,099	£63,738	2.6%	60.9%
Food	£14,918	£18,667	£19,270	3.2%	29.2%
Clothing	£11,360	£10,781	£10,770	-0.1%	-5.2%
Holidays	£11,458	£15,532	£16,195	4.3%	41.3%
Hobbies & toys	£8,861	£9,248	£9,316	0.7%	5.1%
Leisure and Recreation	£6,366	£7,303	£7,353	0.7%	15.5%
Pocket money	£3,386	£4,337	£4,458	2.8%	31.6%
Furniture	£2,074	£3,373	£3,462	2.6%	66.9%
Personal	£925	£1,143	£1,155	1.0%	24.9%
Other	£8,845	£13,761	£13,909	1.1%	57.3%
Total	£140,398	£218,024	£222,458	2.0%	58.4%

 

Source: LV=’s annual Cost of a Child Report  – released today

What is the cost of raising a child – i hope you found this useful – you might also like my post on how to save money on kids toys