Raising children has always been expensive but according to new research by the Centre of Economics and Business Research, the cost is only rising.
So where does our money go?
1. Childcare and babysitting
Parents on average spend a whopping £70,466 on sending their sprogs to nursery and organising a childminder when they need a night off.
This is again a crazy amount of money over the 21 years accounted for in the study. Parents spend approx. £74,000 on education for their little ones – this can be in the form of preschool, tutors, extras like instrument playing and also the cost of helping their children out at university.
A human necessity but one that adds up… parents apparently spend £14,000 on their children’s food over the years. That is a lot of fish fingers!
One of the best things about being a child is the amount of school holidays you get, but this isn’t as good for the parents’ bank accounts. Holidays home or abroad account for a huge £16,882 of the money spent on raising a child.
Reports estimate that parents will spend £10,942 on clothing their offspring over the years. No wonder your parents always seemed to buy you school blazers three times your actual size!
6. Hobbies and toys
Again, the amount of money spent on this is a surprisingly large amount; £9,307 to be exact. Although the number of toys bought wanes as you get older, the ones your older children want are likely to be more expensive. This along with extras like ballet, football and gymnastics all add up.
7. Pocket money
According to studies the average amount of money parents gives their children over the years as pocket money adds up to a staggering £4,614 – not sure what children are spending their money on, but it certainly isn’t pick and mix!
Finally it seems that the amounts of money parents are spending, doesn’t stop there… miscellaneous expenses that don’t belong to any of the above categories add up to £14,195.
The costs of raising children are rising well ahead of any increases in wages, leading to a discrepancy in spending and is one that doesn’t seem to be slowing down any time soon!
*statistics taken from The Guardian website.