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Catch up with the latest press releases from LV=

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Mark Jones comments on today's Autumn Statement announcement

Press release: 29/11/2011

Mark Jones, LV= head of protection , comments on today’s Autumn Statement announcement on free nursery places: "Parents are all too aware that having a child comes with a hefty bill, especially when looking at the cost of childcare. LV='s Cost of a Child report shows that on average childcare costs add up to £67,430 per child, with the greatest proportion of those arising when the child is aged between one and four years old (£46,037). The Government scheme to provide 40% of the UK's two-year olds with 15 hours of free childcare a week will be a welcome benefit for the families struggling most to meet the high costs of childcare. LV=’s annual Cost of a Child report showed that childcare makes up almost a third (32%) of the total cost of raising a child from birth to 21 years old (currently £210,848).

"It's important when balancing the family budget that we look at bigger picture, and keep in mind the impact of short-term cost cutting measures, and how the family would continue to cope financially if a parent were suddenly unable to work."

For audio content of parents discussing their financial concerns regarding the cost of their children, click here.



Notes

* The cost of a child calculations, from birth to 21 years, have been compiled by the Centre of Economic and Business Research (CEBR) for LV= in January 2011 and are based on the cost for the 21 year period to December 2010.

About LV=

LV= employs 5,000 people and serves over four million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trades unions.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG.

Registered address: County Gates, Bournemouth BH1 2NF. www.LV.com