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.
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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