Following Santander’s research showing that the cost of getting kids ready to return to school has risen a quarter to £224, Duncan Finch, executive managing director at Legal and General Insurance, comments on the unexpected costs of raising children :
“Few parents consider how much it costs to bring up a child and as Santander’s research shows, the money needed is continuing to rise. Often parents are surprised to find out how much this costs and we found that while on average new mums expect it to be £5,400 a year, in reality it is 59% more, amounting to £8,580 a year*. The average amount needed to raise a child to the age of 18 is now £154,440; a 15% increase from 2011 and three times the amount of 2001*.
Statistics like this, and Santander’s show how the fragile economy and increased living costs mean that it’s becoming more and more expensive to raise our children. Therefore it is vital that parents are fully aware of the potential costs so they can make sure they have an adequate financial plan in place for their family.
Although unpalatable, it is also important for parents to plan for the worst by having a will and protection cover otherwise, your loved ones may not be left as financially secure as you would like.”
