You are here: Home - Household Bills - News -

Cost of raising a child to secondary school drops to four-year low

0
Written by:
19/12/2018
There’s good news for parents struggling through the expensive festive period: the cost of raising a child has fallen to its lowest level since 2014.

Excluding childcare, parents spend £330.66 a month on average on each child, down from £355.66 a year ago, according to the annual Halifax Cost of Children report.

This means the average cost of bringing up a child to 11 has dropped to £43,647 in total, down from £46,947 in 2017. In 2014, the total cost from newborn to secondary school was £42,488.

In London, the monthly cost rises to £480.50 or £63,426 in total, 45% higher than the UK average.

Unsurprisingly, the cost of childcare inflates the numbers.

National statistics from the Family and Childcare Trust show average childcare fees are £350 per child per month, taking the overall monthly cost of raising a child to £680.

According to the Halifax report, cash flow remains a problem for parents, with 19% borrowing money from friends and family and 13% taking out personal loans to make ends meet.

Two in five parents have made cut backs since having kids, with the same amount saying the cost of raising a child is more expensive than they thought it would be. Some 40% said they would have more children if it weren’t for the financial constraints.

Giles Martin, head of savings at Halifax, said: “Having children changes your life, but it undoubtedly impacts your bank balance too. Despite small reductions in spending on things like food and clothes leading to a four-year low in the overall cost of raising a child, pinch points like Christmas and the summer holidays continue to put an increased strain on the family purse-strings, making it harder for parents to save.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week