Cost of raising a child hits £229,251, says LV=
Childcare costs, food, education and holidays have sent the cost of raising a child to £229,251, an increase of 63% since 2003.
According to the Cost of a Child report by protection specialist LV=, parents are spending less on food, hobbies and toys for their children, but considerably more on education and childcare.
Myles Rix, managing director of protection at LV=, said: “We urge parents to ensure that their family has a valuable safety net such as income protection in place. Costs such as childcare and education are continuing to rise and a significant part of a family’s income is spent on children.
“If the unexpected were to happen and either parent became unable to work, income protection insurance would provide a family with financial security when they need it most.”
If your lender is taking children or childcare costs into consideration and you can’t borrow enough money, call Trinity on 020 7016 0790.