The overall cost of a child (including rent and childcare) is £150,753 for a couple and £183,335 for a lone parent.
This is according to an August 2018 report by Child Poverty Action Group (CPAG) what it costs to raise a child to age 18 with a minimum standard of living.
The report states that life has been getting progressively tougher for families on low or modest incomes over the past ten years.
A range of factors such as rising prices, benefits and tax credits freezes and the rolling out of Universal Credit have hit family budgets hard.
Key findings include:
- Families with two parents working full time on the ‘national living wage’ are 11% (£49 per week) short of the income the public defines as an acceptable, no-frills living standard.
- Lone parents on median earnings will be 15% (£56 per week) short of an adequate income because of the high cost of childcare.
- A lone parent working full-time on the ‘national living wage’ will be 20% (£74 per week) short of what they need to achieve a minimum standard of living.
Report author, Professor Donald Hirsch writes:
Parents are reluctant to see their children go without essentials, yet those on low incomes may face a stark choice between not meeting their children’s needs, making severe material sacrifices themselves or going into debt.