ICR067: Justin Harper, LV, Cost of a Child Report
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.
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
Email firstname.lastname@example.org or ask on Twitter @martinbamford.
You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.speakpipe.com/InformedChoicePodcast to leave an online voicemail.
Help us spread the word!
Thank you for listening to this episode of the Informed Choice Podcast. Please use the comments section below to share any feedback you have.
If you enjoyed this episode, please share it by using the social media buttons on this page.
If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners.