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How much does it cost to raise a child in the UK?

Thinking of starting a family? Or perhaps you’re wondering about the financials around raising children? Our guide detailing how much money you’ll likely spend on raising a child can help you make an informed decision.

What’s the average cost of raising a child?

Child Poverty Action Group (CAPG) released a report in 2020 that determined the average total cost of having children. This study found that, from birth up to the age of 18, the average cost of raising a child was £71,611 for a couple family, and £97,862 for a single parent family. However, adding on both housing and childcare costs to these costs, this is likely to rise to £152,747 and £185,413.

Cost considerations for raising a child

Raising a child in general takes a lot of planning, but especially from a financial perspective. When it comes to raising a child, or considering starting a family, there are certain considerations that can be taken into account:

  • Childcare – a more prominent consideration in early childhood, childcare costs can be pretty hefty – and take up a large chunk of the money you’re likely to spend raising a child.
  • Education – this can refer to what particular school or nursery you enrol your child into, but also accommodating for uniforms, stationary, books, school dinners and more.
  • Hobbies – whether your child is interested in dancing lessons, swimming lessons, sports or playing musical instruments, the lessons itself, as well as the kit or equipment, are something to take into account.
  • Clothes – clothes are also a consideration for raising a child – as you’ll need to cater for from birth to age 18 (which, naturally, also causes big piles of washing!)
  • Days out – typically, children will want to be entertained – especially during the school holiday. This will mean that days out, such as trips to the zoo, theme parks or the cinema, to name a few, are likely to be on the agenda frequently.
  • Birthdays – costs around birthdays will include not only the presents themselves, but it might also include costs of hiring venues for parties, or buying party bags etc for your child’s guests.
  • Pocket money – teaching children how to handle money from a young age is an important life lesson, but naturally, this money will likely add up over time.

How to alleviate costs of raising a child

Starting a family may be a deal-breaker for you – and despite the costs, the reward of raising children is guaranteed to outweigh that. However, if you’re looking to raise children and feel like you could provide a loving, safe, home for a child, there is way to do this without the finances becoming a burden – which is Excel Fostering steps in.

Becoming a foster carer can allow you the experiences of providing a secure environment to a child in need, but also provides a viable career path for you, or you and your partner. One of the main benefits for foster carers, aside from providing a rewarding career path and changing a young person’s life, is the competitive fostering allowances carers receive. This allowance is designed to take into account the number of children in your care, as well as if they need specialist fostering training in order to take care of, and is designed to be seen as a career – rather than a side job to your existing job.

For more information on how much foster parents are paid, get in touch with our team of experts here at Excel Fostering.

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