September 18th 2023.
Raising a child can be expensive. In fact, it can cost the average family a whopping £190,124 to bring up one child until they are an adult. This figure takes into account all the necessary costs associated with childcare, food, transport, clothing and housing, amongst others.
Nappies alone will set you back around £825 per child and food and drink will cost about £24,258 throughout a single kid’s childhood. Transport is another major drain on finances for parents, adding up to a total of £29,016 until they’re 18.
Parents who need full-time childcare for their child up until the age of 12 will have to fork out a huge £80,625. Nursery for 50 hours a week could cost a total of £44,510 and for part-time working parents the figure is still a daunting £43,135 on average for just one child up until 18 years of age.
It doesn't stop there though - recreational activities and pocket money will set parents back a further £28,872. Swimming lessons, for example, could cost £1,820 across an average of two and a half years, and pocket money of £5,173 from four to 17.
The cost of raising a child is not to be taken lightly. As Kayleigh Crossley, a 28-year-old mother struggling to afford childcare for her daughter, recently told The Agency: ‘I do feel like I’ve failed her in some ways, because I feel like I’ve been so stressed with it all that it’s affected our bond, but the only other choice I would’ve had would’ve been not working at all. Of course that is never going to be an option for us because we simply wouldn’t survive.’
It's clear to see that the cost of raising a child is incredibly steep and it's important for parents to be aware of the financial obligations that come with having a child. No doubt it's worth every penny – but it's also important to plan ahead for the expense.
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