The cost of raising a child till the age of 18 is now close to £86,000, according to new research.
The report, by charity the Child Poverty Action Group and research organisation the Joseph Rowntree Foundation, examines the varying costs associated with dependent children and the income of lower-earning families.
According to the research, the cost of raising a child over 18 years in a two parent household now stands at £85,887.34, a figure which does not include either rent, council tax or childcare costs. The total amounts to £4,771.52 per year.
The report states:
“The cost of bringing up children is a crucial factor affecting family wellbeing and poverty. Many parents find it hard to afford the additional expense that children bring, while often having less disposable income because of caring responsibilities or care costs.”
“In 2014, the UK economy is starting to grow after the longest period of shrinkage and stagnation in recent times. In these difficult years, families have become less able to afford an adequate living standard, as the cost of bringing up a child has risen much faster than earnings, while help from the state to cover these costs has shrunk.”
Last year, the Child Poverty Action Group announced that the cost of raising a child had reached £160 per week.