The cost of raising a child is now higher than a semi-detached house
According to new calculations by Liverpool Victoria, raising a child to the age of 21 now costs more than the average semi-detached house and will set you back a massive £231,843 on average across the UK.
Liverpool Victoria’s report pointed to Halifax figures, which show the average price of a semi-detached house in the UK is now £219,255, which is £12,588 less
How does this figure add up?
According to the calculations; the most expensive years for raising a child are when they are between one and four, with childcare costs placing a particular strain on budgets, causing parents to typically spend £63,224 on average in these years.
It was found that parents spend around £74,000 on state education, on the basics of school uniforms, lunches, trips and equipment. However sending a child to private school would add, on average, £141,863 for a child attending day school, or £260,927 for a child boarding at school.
The tables below show Liverpool Victoria’s findings.
So the question is would you rather have the rewards of becoming a parent? Or the average semi-detached house?