On average in 2021, the total cost of raising a child to the age of 18 now stands at £160,692 for a couple and £193,801 for a lone parent. These numbers aren’t small, which is why it is important to consider your financial planning options before starting a family.
The total cost of raising a child, the report highlights is the highest it has been since calculations started in 2012. Since 2012, the total cost has risen by 13% for couples and 25% for lone parents. The rise in the last year has been particularly large – 3.6% for couples and 3.3% for lone parents.
Fortunately, there are ways to ease the financial burden and protect your new family.