The cost of bringing up a child has rocketed by over a third in the past five years, according to research published today which shows that childcare and education are together the most expensive items faced by parents.
A typical family now pays an average of ?186,032 to raise a child from birth to the age of 21 – which amounts to ?8,859 a year, ?738 a month or ?24.30 a day – according to the UK’s largest friendly society, Liverpool Victoria.
Childcare remains by far the largest cost faced by parents, with the average family spending ?50,538 on childminders, nursery care, nannies and after-school clubs through their son or daughter’s formative years. But education comes a close second, accounting for a further ?47,310 – even assuming a state education at primary and secondary school – covering the cost of uniform and other clothing, school lunches, books and extras such as school trips. It also includes the tuition fees for a typical three-year university degree course and the associated living expenses of being away from home. A private education would hugely inflate that figure.
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How much does childcare cost?
MothersWhoWork.co.uk gives the full breakdown
FOR MORE INFORMATION
Read the Liverpool Victoria Annual Cost of Childcare Survey
