We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > Cost of raising children up by £2,000 in twelve months

Cost of raising children up by £2,000 in twelve months

23rd January 2015 | Published by Evo Money

The cost of bringing up a child from birth to the age of 21 has increased by close to £2,000 during the last 12 months, to almost £230,000.

The increase is chiefly due to the increased cost of childcare, according to a report for insurers, LV=, which was based upon figures from the Centre of Economic and Business Research. The report found that parents have to pay an average of £67,000 for each child for childcare during the 21 year period, a dramatic 70 per cent increase since 2013.

The second largest increase was in the cost of education. Parents pay an average £74,319 on uniform, lunches, school trips and university fees. The figure does not include private education and has increased by 128 per cent in the past 24 months.

The only cost to have dropped during the last year is that of clothing. Pocket money, food, toys and holiday costs have all increased. As a result, the study concluded, parents are spending as much as a third of their annual income on their children.

Myles Rix, LV =’s managing director of protection, said that having children is more expensive than it has ever been.

Findababysitter.com published its annual childcare report in January, showing that one in four of all unemployed mothers would like to work but is put off by the high costs of childcare.

Four out of every ten parents have reduced their routine spending in order to pay their bills, the report said, whilst ten per cent of parents said that they had postponed having more children because of the high costs.

In March 2014, the government announced a number of moves designed to help parents with childcare costs, such as a new childcare voucher scheme that will come into effect later this year.

Category: Money
This post was written by Evo Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution