The cost of raising a child is more expensive than ever before, as the rising cost of food, childcare and education take their toll on parents’ finances.
The average cost of a child’s education, up until the age of 21, now stands at more than £70,000.
Education is the biggest expense, as parents see their child’s education as a top priority and a worthwhile expenditure.
However, research by investment firm LV= has found that the cost of education has risen by 120% since 2003, mainly driven by the surge in university fees.
It was found that the average cost of a child’s education, up until the age of 21, now stands at more than £70,000 – a 5% increase on last year alone.
Overall, the cost of raising a child until they are 21 has gone up to £218,000 – an increase of 3.3% since last year.
While many parents are trying to cut back in certain areas, it seems that a child’s education is still understandably seen as a worthwhile expense.
‘Our report shows education costs have increased dramatically and despite financial pressures, many parents are seeking out savvy ways to ensure they can still afford their children’s higher education prospects,’ said Mark Jones, Head of Protection at LV=.
‘With tuition fees increasing this year we expect to see more parents making significant cut backs across the family budget to accommodate this.’
The research found that the majority of parents are cutting back where they can, with many outlining a specific budget to stick to each week.
It was found that 67% of parents are hunting out bargains when doing the weekly shop, increasingly switching to low cost or ‘value’ goods at the supermarket.
As well as this, more than a third of parents are buying non-essential items from charity shops in an effort to keep on top of their finances, with 34% making some well-needed extra cash by selling unwanted items on the internet.
Purchasing items such as uniforms and stationery, as well as sorting out any transport or childcare arrangements, can all seem quite daunting when your child is at Primary school age.
However, it seems that UK parents are increasingly not prepared to make compromises when it comes to paying for their child’s education.