| |
Research by two organisations has highlighted the real cost of bringing up children and figures are sure to frighten many unsuspecting parents. The decision to start a family is rarely based on financial circumstances alone, but if parents knew in advance what the costs were, would many think twice and start saving first or put some borrowing facilities in place first.
According to research by Liverpool Victoria the true cost of raising a child until they reach the age of 21 is over £140,000 or around £6700 per year. You may think that's a high figure and you would be right - apparently in France the cost is 30% less, with the UK being the most expensive place to raise a child in Europe.
American Express, who have also researched the area, found that almost half of new parents had underestimated the costs associated with their children. So why are the costs so high and why do they come as a shock to many parents? Well new parents are faced with purchases they have no previous experience of and typical first year expenses include items such as £500 for nappies and £600 for formula milk. Add on things like frequent changes of clothes sizes, special skin care products and of course the expected pushchairs and toys and the total soon starts to mount.
|
|
About Us 
