The basic cost of raising a child until 18 in the UK is £71,611

If you’re planning a family, you may be interested in the cost of raising a child in the UK. This article covers the costs involved and how to get support.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

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If you are planning a family, you might be interested in finding out the cost of raising a child in the UK. It helps to be prepared after all. Life insurance comparison site Reassured has calculated the costs involved in raising a child until 18 in the UK. We take a look.

What is the average cost?

The basic cost of raising a child up to the age of 18 in the UK is £71,611 for a couple and £97,862 for a single-parent family.

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The cost can depend on the gender of the child, since it costs up to £79,176 to raise a boy and up to £108,884 to raise a girl.

For all children, when taking into account additional costs this increases to £152,747 for a couple and £185,413 for a single-parent family.

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What are the additional costs?

According to the study, there are several additional costs involved.

Associated housing costs

As well as rent and mortgage payments, UK households spend £1,566 a year on water, electricity and gas.

Food

UK households spend an average of £4,805 a year on food.

Clothing

UK households spend £11,723 on clothes for girls and £5,887 on clothes for boys. On average, this amounts to £8,805 per year per child.

Are there any other costs?

Yes, there are a number of other possible costs to consider when raising a child in the UK.

Childcare

Childcare can be expensive, taking up as much as half of the overall cost of raising a child. Taking time away from the world of work to look after your children could reduce your childcare bill by a considerable amount.

You can also check out our article for useful information on how to budget for childcare costs.

Hobbies and pastimes

This includes anything from after school clubs to days out and other extracurricular activities. You will need to factor in the cost of equipment, transportation and entry or membership fees.

Education

While it’s true that state education is free, you may want to privately educate your children. If you decide to do this, you will need to do some research. For further information check out our article on private education.

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What about government help?

There are benefits that you can claim for help with the cost of raising a child in the UK.

Child Benefit

You will get child benefit if you are responsible for raising a child who is:

  • Under 16 years of age
  • Under 20 years of age and in approved education or training

Only one person can claim Child Benefit. There is no limit on how many children you can claim for. The benefit is paid every four weeks.

For information on how to apply, check the gov.uk website. Also, check out our article on how child benefit can help save you money.

Child Tax Credit

You can make a claim if you already get Working Tax Credit. The amount you will receive will depend on the number of children you have. Child Tax Credit will not affect any Child Benefit you receive.

For information on Child Tax Credit, check the gov.uk website. You can also check out our article on Child Tax Credit.

Tax-Free childcare

You can get up to £500 every three months for each of your children to help with the costs of childcare, up to a maximum of £2,000 a year. This increases to £1,000 every three months, up to a maximum of £4,000 a year, if your child is disabled.

Further information on how to claim, and what you can use the money for, is available from the gov.uk website.

Finally

It might seem daunting, but remember that the amounts used in this article are average costs. They give a rough idea of how much you should expect to spend on raising children.

Bear in mind that with some careful consideration, there are many different ways you can save money.

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