How raising a child adds up to £180,000
Dec 8 2007 by Chloe Griffiths, The Journal
BELTS across the region are audibly being tightened today.
Figures showing the cost of raising a child born in 2006 in the North-East were released yesterday.
They may be the apples of their parents’ eyes, but as apples go, they certainly are expensive. According to the study, carried out by Liverpool Victoria, it would cost £140bn to raise every child born in the UK in 2006. That’s £24 every day for youngsters born in the North-East, adding up to £183,481.
Parents may feel they have to cover the costs by spending less now, as the years their children spend at university still prove the most expensive. A three-year degree course is likely to cost nearly £33,000. Parents who put their children through boarding school can expect to spend an extra £130,557 on their child’s education.
As many a parent will testify, the age group two to five years comes in a close second at a cost of £11,000 a year.
It has become more and more common recently for parents to build up nest-eggs to pay for their kids’ education at the expense of their own spending, as higher education undoubtedly raises a child’s earning potential in later life.
Parents are being advised to plan financially before starting a family but Susie Hayman, a spokesperson for Parentline plus, the parents’ helpline, played down the size of the figure.
She pointed out that it is “all in, includes everything, not just the essentials”, adding that children generally ask for material things, when what they really want is attention. “There is a lot of pressure on parents, especially at this time of year and it is easy to overspend. That kind of situation us exactly what we are here for.”
Susie added that she hopes “that the figure would not scare parents away from expensive, yet important commitments in the future, such as putting their children through higher education”.
Childcare is a particularly heavy expense for North-East parents.
The average working-parent household is predicted to spend more than £47,000 on childcare in the first 14 years of their child’s life.
The figure is an intimidating one, but spare a thought for the poor people of Central London, whose children will cost them a near £400,000 each.
Anybody who feels they need advice or support of any kind in their role as a parent can call Parentline plus on 0808 800-2222
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Where does all the money go? According to a report, the costs of raising children in the region break down like this:
Education:
Food:
Holidays:
Clothing:
Hobbies & Toys:
Babysitting:
Leisure:
Pocket money;
Furniture:
Personal:
Other
TOTAL:
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Important to teach concept of cost
Judith believes that “the unavoidable costs such as clothes and nappies are enough of a burden, but today’s parent has to contend with more than just the cost of toys”.
According to Judith, who is headteacher of the Percy Hedley Foundation’s Northern Counties School in Forrest Hall: “The pressure on parents of children with special needs can be even greater as their children often require constant care, meaning that, during the holidays, they either have to pay for private care or take time off work. Either option proves very expensive.”
With Christmas approaching, many families may find themselves in a difficult situation. Judith says: “Children, who are more heavily influenced by advertising, do not understand the concept of cost. I think it’s very important to teach Ethan this concept and to be honest about what I can and cannot afford.”
