Here comes some scary news for parents:
A new survey by Liverpool Victoria suggests that the cost of raising a child to the age of 21 is a staggering £186,000. This cost has risen by 33% in the last 5 years, plus it is expected to rise by 42% in the next 5 years.
Figures like these just go to show how important managing your finances are, especially when you’ve got little people in your household (it’s perhaps also a sobering thought for those thinking about having children).
It’s also worth remembering that these days, kids tend to need support beyond the age of 21, with many needing help getting on the property ladder, and many not managing to leave home until they’re about 30.