The increasing costs of parenting

Giving your child a head start in life can be expensive. 

Statistically speaking, the average cost of raising a child in the UK has gone up by 19% since 2012 for single parent families and 5.5% for couple families. The latest figures estimate that raising a child in the UK from their birth to their 18th birthday costs a single parent £185,036, while couple families stand at £150,582. 

While the numbers above include rent and childcare costs, they exclude private education (which can be anywhere between £15k to £45k per year in fees), or any extras you might want your child to benefit from like sports, music lessons, or other extra-curricular activities. 

The most recent annual report from CPAG points out that nursery fees for under 2s have increased by 47% while child benefits only saw a mere 3% increase. 

Childcare costs unsurprisingly represent almost half of the total amount that parents spend on their kids  - but even once they turn 18 there may be other costs a parent may wish to cover or contribute towards.

If you wish to support your child through higher education, you’re looking at £9,250 per year (for an undergraduate degree). Not to mention living costs, which over a 3 year period can bring the total cost (including tuition fees) up to £70k in London. Whilst a student loan doesn’t work exactly the same way as other forms of debt, repaying it can easily become a daunting prospect to a child if parents cannot help in any way.

For many of us, buying our first home comes with a lot of sacrifice and debt. If you plan on helping your children get a foot on the property ladder, the average home deposit is now around £46k - an amount hard to accumulate for a young adult, especially those paying back student debt.

Indicative costs of supporting you child with university fees, private school fees or a first home deposit.

Join the community

By entering your email, you agree to receive news and updates from Hapi. You can unsubscribe at any point in the footer of our emails (although we hope you'll love us and choose to stick around).

Your email
Join

Thanks for signing up! We’ll be in touch soon.

Oops! Something went wrong while submitting the form.