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
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