The Child Poverty Action Group released their report recently: The Cost of a Child in 2018.
They based their calculations on what the majority of people think are the essentials to give a minimum standard of living. The report makes pretty grim reading in terms of the increasing gap between ‘need’ and income. The section regarding the cost of child care is alarming in terms of the cost to a family.
The opening paragraph of the report says:
Many families in the UK have found it increasingly difficult to cover the cost of bringing up children in recent years. Costs have risen faster than incomes. Parents are reluctant to see their children go without the essentials, yet those on low incomes may face a stark choice between not meeting their children’s needs, making severe material sacrifices themselves or going into debt.
The full cost of a child over 18 years to a couple is £150,753.00 and for a lone parent £183,335.00. The ‘basic cost’ figures for those are £75,147 and £101,883.
It’s worth a read and you can find it here:
http://www.cpag.org.uk/sites/default/files/uploads/CostofaChild2018_web.pdf
Have a cup of tea and biscuit at hand to revive yourself