Cost of raising a child has soared by 75% over the last ten years
Almost half (47 percent) of Brits are delaying having children due to the cost and that a quarter (24 percent) choose to not have children at all.
Martin Lewis gives advice on using tax-free childcare system
The cost of raising a child has risen by £146,000 since 2013 to a total of £342,000, new research has found.
The cost of raising a child, from birth to 18 years old, in the UK, is now over £342,000, a 75 percent increase over the last 10 years, according to new data from smarTrike.
The research found that the average cost of raising a child per year totalled £23,500 per year.
The average income for two adults in the UK is just over £66,000, however after average living costs are deducted, a couple looking to raise a family only has £30,000 a year remaining.
With the cost of raising a child totalling £23,500 a year, this means the average UK couple can only afford to have one child.
The costings below are based on cost averages for one child per year:
Childcare: £15,000
Education: £1,000
Holidays: £1,000
Clothing: £1,000
Food & utilities: £5,000
Hobbies: £500
Total = £23,500 per year
A survey from The Prince’s Trust found that almost half (47 percent) of Brits are delaying having children due to the cost and that a quarter (24 percent) choose to not have children at all.
The research also found that the birth rate in the UK has been declining over the last decade with a further drop of 0.85 percent in 2024 compared to 2023.
The increase in childcare costs is one of the biggest issues, with recent reports highlighting costs can be up to a staggering £15k a year.
Almost half (46 percent) of parents are either being plunged into debt or having to withdraw funds from savings to keep up with early education and childcare costs, due to prices rising by a minimum of 5.6 percent since 2022.
Parents are also having to spend extra funds on replacing items for children as they grow. On average, a child requires a new bike every 18 months for £185, meaning Brits could spend up to £1,350.50 on children’s bikes over their childhood.
