LV= have recently published the results from their annual cost of a child survey, and the research has revealed that the total average cost of raising a child from birth to age 21 is now at £229,251. Here’s some other highlights:
• Cost of raising a child has increased at almost twice the rate of annual inflation over the last 12 years
• Parents now spend nearly a third (29%) of their gross annual household income on raising a child
• Childcare represents largest annual rise over the last 12 months, costing parents £67,586 on average from birth to the age of 21.
Parents are spending less on food, hobbies and toys for their children, but these savings are being eclipsed by huge increases in the cost of education and childcare. The report reveals that these two areas alone now account for 62% (£141,905) of all the costs involved in raising a child to the age of 21.
See how LV= can help you protect your family with their insurance policies here.