Latest News

Lines are closed.
Please call back when we are open

Mon/Fri: 8.30am - 6pm


Parents hit by rise in child costs


Tuesday August 20th 2013

It now costs a staggering £148,000 for parents to bring up a child, so claims the Child Poverty Action Group (CPAG).

Research shows that the cost of raising a kid to the age of 18 has gone up by 4% over the last year while support from the Government continues to diminish in comparison.

The value of benefits for families and children only rose by 1% in the 12-month period, and child benefit did not rise at all, tightening the squeeze on living standards for households across the country.

At the same time minimum wages rose by 1.8% and average earnings by 1.5%, compared to a 5.9% rise in child care costs, compounding the misery for parents.

According to the report, it costs about £160 a week on average to raise a child, including child care costs and housing.

The basic cost for a couple to raise a child over 18 years, meanwhile, is £81,772, or £148,105 including rent, child care and council tax - rising to £90,980 and £161,260 respectively for a single parent.

Copyright Press Association 2013

How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!