The cost of raising children continues to rise
We've been monitoring the cost of raising a child since 2003, to help parents plan their family’s future. The figures below are taken from our 2011 research into the average annual cost to raise a child until the age of 21.
Average cost by year:
- £10,261 in the first year
- £14,140 a year between ages 1 and 4
- £7,679 a year between ages 5 and 10
- £7,536 a year between ages 11 and 17
- £17,459 a year between ages 18 and 21
Parent concerns
- Rising cost of childcare, education and food hits parents as overall cost of raising a child increases 3.3% in a year.
- Over three-quarters of parents (76%) are making cutbacks to the family budget due to financial pressures.
- Two in five parents (43%) have reduced the amount they regularly save.
The cost of raising a child until their 21st birthday now totals more than £218,000. This equates to £10,382 a year, £865 a month or £28.44 a day. The cost of raising a child in 2011 was up 55% from LV='s first Cost of a Child Report in 2003.
Total cost | Total cost in December 2011 | % difference from last year | % difference from 2003 - first year of the report |
|---|---|---|---|
Education* | £71,780 | 5.1% | 120% |
Childcare & babysitting | £62,099 | 2.7% | 57% |
Food | £18,667 | 4.0% | 25% |
Clothing | £10,781 | 3.7% | -5% |
Holidays | £15,532 | 1.6% | 36% |
Hobbies & toys | £9,248 | -4.6% | 4% |
Leisure & recreation | £7,303 | -0.6% | 15% |
Pocket money | £4,337 | 4.8% | 28% |
Furniture | £3,373 | 2.5% | 62% |
Personal care | £1,143 | 2.6% | 24% |
Other (includes driving lessons, first car, birthday and Christmas presents) | £13,761 | 4.8% | 56% |
TOTAL | £218,024 | 3.3% | 55% |
*Education does not include private school fees
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