How much does it cost parents to raise a child…?

Data & quotations from http://www.guardian.co.uk/money/2010/feb/23/child-cost-inflation & http://www.guardian.co.uk/news/datablog/2010/feb/23/cost-raising-child

The average cost of raising a child to the age of 21 is:

• £26.40 per child per day

• £184.80 per child per week

• £9,610 per child per year

Giving a total over the 21 years of:

£201,809

New parents face a £9,152 bill during the first twelve months of their new baby's life, taking into account expenditure on equipment such as buggies, cots and prams etc.

£201,809

Parents of toddlers are likely to find themselves significantly out of pocket, as between the ages of one and four a child costs around £13,014 per year.

£201,809

The cost of raising a child peaks during the university years (age 18-21), when parents could face having to pay out a staggering £13,677 a year. That includes the cost of a first car, fees and living costs for a three-year undergraduate degree.

£201,809

£201,809

The components of these costs

0

10,000

20,000

30,000

40,000

50,000

60,000

2003

2006

2009

@sezi said:

I can't stand articles like this.

It's a child - a member of the human race -

not an investment.

Who cares what it costs? Enjoy

your family!

Do you agree?

Some comments from the blog this data came from

@bronz

I've read this sort of analysis before and it really doesn't stack up. If raising children was that expensive, then childless couples would be absolutely rolling in it. The fact is that you spend what you earn and if you need to buy things for your kids it merely diverts your money from other less important things.

There are sacrifices to be made but overall the benefits to those who love their children and family far outweighs foregoing the exotic foreign holidays, eating out, nights at the pub, smoking, new cars every other year, widescreen TVs, designer clothes and mobile phones, but most families do manage many of those luxuries as well.

Some comments from the blog this data came from@oomph

@bronz: "If raising children was that expensive, then childless couples would be absolutely rolling in it. "

Well, quite a lot of us are. There's a lot of 40+ kid-free people not having to worry about where the money comes from. I can only speak anecdotally but I'm one of them and I know loads of kid-free people just like me.

We tend to be less visible though, for many reasons. Not least, we don't need to hang out in offices on the treadmill of paying for dependents (children) for two decades. We're the ones with the paid for houses, working when we want and out in cafes / studying / at the health centre all day, while planning our next holidays and designing our houses.

Some comments from the blog this data came from@bronz

@oommph I'm pleased that you feel that you've made the right decision not to have children. I know a few childless couples who are rich and some who are not quite so well off. We met a lot friends through our children, some of whom are financially secure. Money isn't everything.

Parenthood isn't for everyone but many us find it rewarding and you may in time rely on other people's children to provide services for you in your retirement, so your contribution to the education system and parental support has an element of self interest.

Personally, I don't regret my decision to have children. If I had looked upon it as a financial decision, then we would not have had a family. But it isn't a financial decision, it's a lifestyle choice and that's the point I was trying to make.