Having a child is a momentous occasion – it is, and should be, a life changing experience! But as such, it’s important that you plan ahead as an aspiring parent, and try your best to make sure it’s a fully informed decision.
It appears that for many, their little bundles of joy came with an unexpectedly steep price tag, as recent studies show UK adults are underestimating the cost of having children.
According to a report by Santander, UK parents spend an average of £537 per month on their kids. More than half of the respondents stated that the cost of having children has increased so much in the last few years, it’s “impossible” to be fully prepared for parenthood, financially.
Furthermore, a whole 20 per cent said that if they had known just how much raising a child would cost, they would have held off!
Adding to the above, a recent Aviva study shows that sending children to school in the UK will set parents back on average £1,600 per year, for things like uniforms, school trips, transport, and schools dinners. The figures suggested that parents can expect to fork out a total of around £22,000 on ‘free education’ for their child, between the ages of four and 18.