Cost Of Childcare
What is the average cost of raising a child?
On average, it costs about £166,000 to raise a child to the age of 21. This is about the same level as the average price of a house in the UK, so its a fair amount. The cost varies wildly depending on which area of the country you're in. So if you're in London, for example, its around £177,000, and it's much cheaper to raise a child in the West Midlands or in Scotland.
How are childcare costs broken down?
Childcare costs are broken down in a number of different areas. The biggest cost of childcare is essentially childcare and it comes about to £47,000 cost of the child. The second biggest cost is probably is education which is around £36,000. Of that university cost makes the largest part and that is £25,000. And, of course other costs to consider such as food, cloth and travel holidays etc.
How much does a child cost to look after in his or her first year of life?
In his or her first year of life the average cost of raising a child is around seven thousand and seven hundred pounds. So it's quite a substantial expense in the first year.
What can I expect to spend in preparation for having a child?
In preparation for having your child you can expect to spend as much or as little as you like, really. Its mostly Capital cost, so is the cost of buying various specific equipment and clothing, and these will vary depend on the quality of things you want to buy.
Can family and friends help out with the cost of having a baby?
The easiest way that friends, family members and grandparents can help with the cost of preparing for a child to be born is to buy gifts which are relevant and suitable for the first year of the child's life; things like a pram or a cot, or clothes they'll need when they're born.
