- Tuesday, 23 February 2010Debt management may become more pertinent for some parents following new figures that show the cost of raising a child has now exceeded £200,000.
The annual survey from insurance and investment group LV= shows that for the first time parents are likely to spend more than £201,000 on raising a child from birth to the age of 21, the equivalent of £9,610 a year.
What's more, the cost of raising a child has increased by four per cent since the survey was conducted last January, and has increased by 43 per cent since 2003.
LV= group chief executive Mike Rogers said many new and prospective parents may be "shocked" to see the potential financial strain ahead of them.
"In an environment where everyone's feeling the strain, it's more important than ever to try and save little and often as it can all add up over the long-term," he said.
Some 77 per cent of parents claimed they have had to cut back on family expenditure as a result of the ongoing economic situation, with many choosing not to save as much.
Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ