What we can do…
Factoring in the scenario of having another child, this family sees a shortfall specifically during the years that this child enters sec- ondary school and university. This further im- pacts the parents’ disposable income later in life.
Did you know?
- The cost of raising a child until they are 21 has risen to £222,458 on average. That is a 4% increase from last year, and a 58% rise from 2003.
- The biggest expenses are education and childcare. The former can rise up to £72,832 – this includes the new Uni- versity fees, but does not account for private schooling. The additional cost for private day-schooling comes in on average at around £106,428.
- The latter can amount to up to £63,738 which is a 61% rise.