Who? What? Why? Where?: The Guardian Book of Questions by The Guardian & Mike Herd

Author:The Guardian & Mike Herd [Guardian, The & Herd, Mike]
Language: eng
Format: epub
Tags: information, general knowledge, questions, queries
ISBN: 9780852653074
Publisher: Guardian Books
Published: 2012-01-08T00:00:00+00:00

How much does it cost to raise a child?

Rebecca Smithers , guardian.co.uk, Tuesday 23 February 2010

It starts with the beautiful brand new babygros, the cot and the top-of-the-range pram and those endless nappies. And it ends (supposedly) with the 21st birthday bash and a toast to the whopping great student debt piled up in the name of university education. The chances are that few of us would have children if we actually totted up the likely cost incurred during those precious years from babyhood to graduation at 21. So the friendly society LV= has very thoughtfully done it for us. For the seventh year, precisely, since starting the exercise in 2003. And the findings this year are not for the faint-hearted.

The average cost of raising a child to the age of 21 has crashed through the £200,000 barrier for the first time (to £201,809 to be precise) according to the latest annual report published today, with parents typically shelling out £9,610 a year to feed, clothe and educate each new member of our family.

The costs do not include private school fees – paid for by only 7% of UK families but in large numbers in the South-East. But they confirm that even the ‘extras’ needed for a state education can set families back thousands of pounds in uniforms, sports equipment and essential other items such as school trips. In total, education costs added up to an average of £52,881. The report reveals that the cost of raising a child has increased by an inflation-busting 4% since January last year, and is up 43% over the seven years since the survey began in 2003.

Staggeringly, childcare has been the most serious drain on family finances, with costs rising by 66.5% since 2003 – the biggest single rise in any of the categories.

Of course, the cynics will argue that this is not the useful transparent exercise that it could be, as there are some blurry lines around the edges. Private childcare might be expensive, but there is significant Government help (some might argue not enough) towards recognised provision which this survey does not take account of.

Likewise, when it comes to the costs of higher education, fees are, technically, not supposed to be paid for by parents but as a graduate loan once the youngster is on the career ladder. This is a middle class view of life, assuming that parents all buy their offspring their first car. The survey also makes no attempt to gauge affordability – inevitably difficult for an exercise like this. The bottom line is that LV= would like us all to save a bit more than we do. But it is still a fascinating snapshot into the costs of bringing up baby.

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