Debt -
Save now to raise a family, experts say - 07/12/2007
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While it has never been easy to raise a child, let alone fund their everyday needs, statistics show that the costs of raising a child today in the UK are increasing.
By 2012 it is expected that the total cost of raising a child will increase to £265,577 with an annual cost of £12,500 per year, according to a study by LV=.
On average it now costs £8,859 per year to raise a child from birth to the age of 21, when children will hopefully be able to sustain themselves, equivalent to £24.50 per day, meaning that parents should start saving now in order to incur large debts later.
The study's figures take into account many variables including childcare for 21 years, education, food and clothing, proving that raising a child can be even more tricky than financing a home mortgage because of the hidden costs that transfer over a long period of time.
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