Kids Are A Costly Business
Research by debit card company Maestro and Family Circle magazine has confirmed that kids are an expensive business, costing £43,056 to raise from birth to the age of 18 – that’s almost twice the national average take–home pay!
Children under the age of one cost around £40 a week to bring up but the bad news for parents is that it gets worse as you lot get older rising to an average £64 a week at the age of 16.
At an average of £22 per week, feeding kids was
by far and away the biggest single cost followed by clothing and entertainment, both costing on average £7 a week.
And it doesn’t stop when you grow up – only a third of parents expect their children to be able to manage alone financially at 18. More than 70% of parents who took part in the survey expected to be helping to pay for their child’s first car and 44% their first step on the property ladder.
But don’t worry nearly all of the parents surveyed thought their kids were worth it!
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