Parenting News: It Costs Over £51,000 to Raise a Child

3 June 2013

Parenting News: It Costs Over £51,000 to Raise a Child

If you’re planning on having children in the future then you might want to start saving now, as new research shows that parents will spend over £51,000 on their children.

The amount can rack up due to parents having to buy their children clothing, gadgets, driving lessons and even living costs at university!

The total amount a parent will spend on their child from birth to 18-years-old is £51,575 which averages at £2,774 every year.

Andy Oldham, Managing Director at the UK’s biggest cashback site Quidco, which commissioned the study, said, “Everyone expects children to leave a dent in your pocket, but it’s staggering to actually see the figures in front of you.

“You always think about things like clothes, school uniform and sports clubs costing a small fortune but there are so many other things that mean you have to open your wallet.

“Things like the petrol to ferry your children around and pocket money all leave a hole in your bank balance.

“As for birthday and Christmas gifts, these are only likely to get more extravagant and expensive as the children get older and go from wanting a small toy to computer consoles and top-of-the-range gadgets to keep up with their friends.

“If parents are feeling the pinch, you need to save money in every possible way.”

Surprisingly, the biggest chunk of money will be spent on sports clubs, groups and after-school activities and they will cost a parent £15,000 over the length of the entire childhood, or £843 a year.

School uniforms and sports kits will add £130, new clothes and shoes will add up to £251 a year and accessories will add another £66.

Books, toys, games and DVDs will add another £216 and other gadgets, including electronics, with add a further £154.

Giving your children money to go out and socialise with friends will set you back £258 and petrol money for ferrying them around will cost you £262!

On top of this, you’ll also be shelling out £189 in pocket money.

Christmas and Birthdays will also bring the yearly total up, with Christmas gifts costing £157 and Birthdays adding another £117. Hosting you child’s birthday party will also add another £83 onto the bill.

Oddly, the research shows that it only costs around £50 more to raise a girl, meaning that there is barely any financial difference when raising either a boy or girl.