Most things in life require some degree of financial investment, whether running a car, buying a home or jetting around the world. However, these costs may well pale into insignificance over time when compared with the cost of raising a child. The cost is one of the reasons why some people now think twice before committing to becoming parents.
Of course, you need to compare the financial price of having a child with the love and joy this can bring. You just need to decide if these benefits make it worth the financial outlay required.
The Centre for Economics and Business Research has recently published a study that shows that the cost of raising a child born in 2016 now stands at £230,000. A significant proportion of this cost will be for childcare, the cost of which has risen 78% since 2003. Education can also be pricey, especially when it comes to increasing university costs. There are also additional costs for leisure and development activities, such as clubs and hobbies.
Young people are also now more likely to require financial support for a longer time due to a fluctuating economy and uncertain labour markets. The overall cost of raising a child to the age of 21 has, in fact, increased by £13,000 over the past five years. These statistics show a direct correlation with the fact that many people are choosing to have fewer children and have them later in life when their finances are more stable, or simply not at all.
If you want to learn more about children, Oxbridge Home Learning’s distance learning childcare courses would be worth considering. Learn everything you need to know about childcare and development, ahead of your little one arriving.