A small matter of money
Published
If you thought that all the money rolling out of your bank account was about the cost of power and escalating food prices, think again. Digital wealth manager Moneyfarm calculate the essential costs involved in raising a child from birth to 18 years old is running at £223,256 in 2023 no less than 10 per cent up on last year.
Feeding a child both as a baby on formula and then on meals is responsible for a quarter of this increase. Cultural and leisure activities have also seen a sharp rise in prices over the last year. And a whopping £17,118 can be directly attributed to fuel spent on driving a child around during their first 18 years.
The amount parents spend on food becomes progressively more expensive as a child gets older. Food increases in cost from an average of £3,839 between the ages of birth to three years to a huge £11,643 for 15 to 18-year-olds. This teenage period remains the most expensive time of a child’s life.
Even pocket money is not immune to inflation. Last year, parents were shelling out an average of £7,780 from the time their child turns five years old until 18 years old. This year, eager to give their children more financial independence, the figure has risen to £8,169.
Visit www.moneyfarm.com
