the cost of raising a child to age
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THE COST OF RAISING A CHILD TO AGE 21 !!!
THE TOTAL COST OF RAISING A CHILD IN THE UK !!!
The reality is that many new parents are somewhat unaware of the total cost of raising a child in the UK. In fact the cost per child in our current economy is a figure which continues to increase year on year and is now more than the average price of a UK house;
HEALTH CARE COSTS IN THE UK !!!
to raise a child to the age of 21 with the increasing health care costs in the UK, will cost a total of a quarter of a million over the 21 year period. This compares to the average house price in the UK of £196,000.00 effective January 2016.
ECONOMICS AND BUSINESS RESEARCH !!!
The Centre for Economics and Business Research and insurer LV conducted research into UK households and discovered that households spend around 38 percent of their total incomes on raising a child. It was also discovered during this research that across the country the cost of childcare increased by 4.3 percent in the last year payday loan lenders
THE COST OF CHILDCARE!!!
It was also discovered during this research that across the country the cost of childcare increased by 4.3 percent in the last year, further demonstrating how the costs of raising a child continues to increase year on year.
DEPEND ON FAMILY BASE !!!
the cost of raising a child does vary depending on where in the UK your family is based. In Yorkshire the cost, up to the age of 21 once again, comes in at £214,000.00 which is considerably lower than that of London which currently sits at £253,000.00.
COSTS LINKED TO PRIVATE EDUCATION !!!
For most parents the biggest cost resides in the education element of raising a child. Excluding costs linked to private education, the average cost of education up to the age of 21 is £74,000.00. For those who choose or have access to private education, this figure can expect to be doubled,
UNIVERSITY BASED FEES !!!
whilst in education but are of course accounting for University based fees also. The costs linked to education are clearly one of the largest costs faced by parents but this is closely followed by the cost of childcare and babysitting with direct lenders.
ASPECT OF CHILDCARE !!!
Many parents have expressed how the aspect of childcare can be the most time consuming and sometimes stressful. Given that advanced planning is required, often on a weekly basis, the exercise of getting a child to and from childcare has been said to be troublesome and often difficult to do.
CHILDCARE CENTERS AND CHILDMINDERS CHARGE !!!
Many UK based childcare center and childminders charge for their services on a weekly basis, given how circumstances can and do change. This means UK parents have to account for the weekly cost of childcare in advance and in a prepared manner.
THE COST OF CHILDCARE FOR THE FACTOR OF ILLNESS !!!
By accounting for the factor of illness the cost of childcare can therefore be increased periodically. Again the increased cost will depend of region and circumstance as well as period of illness and which parent is required to potentially take time off work.
FOOD COSTS !!!
Perhaps one of the most shocking statistics in terms of cost for raising a child up to the age of 21 is that of food costs. Keeping a child properly fed and watered up to the age of 21 will cost on average £19,000.00; this being the same cost of a well-equipped new car.
HELP AND SUPPORT OF GOVERNMENT !!!
it is important to also recognise that these costs are being spread over a 21 year period and can be managed with the help and support of government based schemes and incentives along the way. Conducting research and remaining up to date with such support forms a vital step in the upbringing of a child in UK today.
