<< Most Recent Articles

Cost of raising children revealed

British parents could spend up to £186,000 on raising a child from birth to the age of 21, a new study has claimed.

According to research from LV=, the cost of bringing up a child in the UK has risen by 33 per cent over the last five years, with childcare expenses alone costing parents about £50,000 over the first 21 years of their son or daughter's life.

Other major contributors to the overall cost are education, food, clothing and holidays, as well as hobbies and toys.

Communications director at LV= Nigel Snell called the findings "quite staggering", adding: "It's unrealistic to expect people's income levels will increase in line with this rising level of expenditure."

He continued: "This means parents will need to be switched on about their family finances more than ever, even though they have always known that raising a child is costly."

Earlier this week, a report from Lloyds TSB stated that the contents of a typical British child's bedroom are now worth £1,720.

A personal loan can help with family finances.

See how much you could borrow when you apply for a loan with Lombard Direct.

© Adfero Ltd

07/12/2007 16:42:51

Most Recent Articles