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ICR067_ Justin Harper, LV, Cost of a Child Report

ICR067: Justin Harper, LV, Cost of a Child Report

24/02/2016 Posted by Martin Bamford Interview, Podcast No Comments

 

In this bonus episode of the Informed Choice Podcast, Martin chats to Justin Harper, Life & Health Specialist at LV, the UK’s largest friendly society, about the 13th annual LV Cost of a Child report.

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Podcast 067 - Justin Harper, LV, Cost of a Child ReportCost of a Child

The LV Cost of a Child Report has found that the cost of raising a child is at an all-time high, increasing by more than £2,500 in the last year alone.

Some of the key figures from their research included:

-The average annual cost of raising a child now takes up more than a third of the average UK household’s net income.

-The biggest increase over the year has been 4.3% for childcare costs.

-Six in ten parents admit they’re struggling to manage their outgoings.

-Half (49%) of parents don’t have a plan in place if the main breadwinner were to lose their income due to accident or illness.

Do visit lv.com to find out more about their annual Cost of a Child report, which includes a useful online calculator you can use to calculate your own costs of raising a child until their 21st birthday.

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About Martin Bamford

Your host for Informed Choice Radio is Martin Bamford, an award-winning Chartered Financial Planner and Fellow of the Personal Finance Society. Martin is Director of Client Education at Informed Choice and the author of several personal finance books including The Money Tree, Brilliant Investing and How to Retire 10 Years Early.

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