Cost of children rising faster than house prices
The cost of bringing up children is rising even faster than house prices, with education going up over a quarter in the past year, according to a survey.
The cost of kids has soared 28 percent in the past four years and 9 percent in the last year alone outstripping an 8 percent rise in UK property prices.
Parents will fork out more than 180,000 pounds per child from birth to age 21 equal to 8,500 pounds per year or 23.50 pounds per day the Liverpool Victoria's annual "cost of a child" survey says.
Soaring education costs are a big factor. They have risen 26 percent in the past year to almost 47,000 pounds per child, following the increase in university tuition fees in England and Wales.
Putting a child through university education now costs almost 32,500 pounds, including fees, books and living costs.
Parents who choose to privately educate their children can expect to spend an extra 71,000 pounds, if their child is a day pupil, or 130,500 pounds more, if their offspring boards.
Childcare costs are the second largest expense. They have risen 7 percent in the past year and now cost parents over 49,000 pounds per child.
A further 16,000 pounds will be spent on food, 12,000 pounds on clothing, 11,000 pounds on holidays, 9,500 pounds on hobbies and toys and 5,500 pounds on pocket money in the first 21 years of a child's life.
Almost two thirds of UK families said both parents had to work to help cover the costs of raising their children, but 12 percent of them said they still had to rely on regular financial support from other family members.
Parents said they made other sacrifices too, with two thirds putting savings on hold, 60 percent compromising on holidays and the same proportion cutting back on socialising.
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