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What steps do you need to take to prepare financially when starting a family? #FridayReads

In Brief: What steps do you need to take to prepare financially when starting a family? #FridayReads

Friday, 12 August 2022

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[1]. 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.

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