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The Cost of Growing Up

Written By On 23/01/2014

Liverpool Victoria have conducted their own research into the expenses that are involved in raising a child in the UK and getting it through adolescence into becoming a young adult.

The insurance company released the findings of their report and it amounts to a staggering £227,266. This is an increase of £5,000 in the last twelve months. London works out the most costly at £244,977.

The main factors attributing to these results are education, which is estimated at £73,803 and childcare, which has worked out at £66,113. However, should a child be educated at a private school, it can total as much as £191,160 alone.

There is no doubt that this is making prospective parents think twice before starting or even adding to a family. The insurance company say that this price is just too high and making around twenty per cent of parents postpone having a baby, whilst ten per cent will opt to keep their family small.

Child benefit has been another cause for the extra expense as it was cut at the beginning of 2013. It affected many families, some by just a small figure, but others by the whole amount.

These cuts have helped bring twenty five per cent of mothers back to work quicker than they may have wished for, whilst twenty per cent have had to work longer hours than anticipated.

This report by LV only takes us up until the child hits twenty one years old, so it does not stop there for many more parents. With so many children choosing to live at home for a variety of reasons, expenses can escalate a lot more.

According to the Office for National Statistics a quarter of the population between the ages of 20 to 34 still reside with their parents and the number continues to increase.