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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
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