Child Poverty Action Group: The Cost of a Child in 2018

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.

Read the report in full (pdf).

 

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