Irish Wedding News
02/06/2015
There are four million children under the age of five in the UK, and the study, commissioned by Aviva, found that this adds up to more than £28bn each year.
More than 2,000 parents with children aged 0-5 were said to have spent around £7,026 a year, or £586 a month, on essentials and treats for their offspring. This includes items like nappies, milk and toys, to extras like baby ballet classes.
For example, the average monthly cost spent on toys and games amounts to £53.30 – jumping to £639.60 on average annually. While childcare and babysitting costs come in at £95 a month, of £1,149 for the year.
Throughout the UK, the cost of raising children up to the age of five also varies, with parents in London paying more than double the amount paid by parents in Wales and the North West. Those in London are said to pay an average of £894 a month – a staggering £10,731 per year. This compares to parents in Wales who spend an average of £408 a month, or £4,901 annually.
Elsewhere, the research revealed parents feel pressurised to spend on their youngsters. One in five (18%) say they feel compelled to spend in order to keep up with other parents. However, this could be to do with the fact that 36% of parents admitted they know other parents who boast about how much they spend on their children. Just one in seven (14%) said they give in to their children's demands and buy things they don't really need.
It isn't all bad however, as 52% of parents have opened a savings account in their child's names, while 37% have opened a junior ISA or a Child Trust Fund. A further 8% confessed to having started saving for a house deposit for their children, with the same also starting a university fund.
Meanwhile, four in 10 parents said they had taken out life insurance, with one in five making a will.
Louise Colley, protection director for Aviva, commented: "As every parent knows having children can be an expensive business, but it's incredible to see how this stacks up over the years.
"This is why it's so important for parents to consider how they might cover the cost of raising a child if they were to unexpectedly lose an income through illness or even worse, bereavement."
(JP)
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Parents Spend £28bn On 'Under 5s' Each Year
A new survey has revealed that parents in the UK will spend an average of around 335,000 on their kids by the time they reach the age of five.There are four million children under the age of five in the UK, and the study, commissioned by Aviva, found that this adds up to more than £28bn each year.
More than 2,000 parents with children aged 0-5 were said to have spent around £7,026 a year, or £586 a month, on essentials and treats for their offspring. This includes items like nappies, milk and toys, to extras like baby ballet classes.
For example, the average monthly cost spent on toys and games amounts to £53.30 – jumping to £639.60 on average annually. While childcare and babysitting costs come in at £95 a month, of £1,149 for the year.
Throughout the UK, the cost of raising children up to the age of five also varies, with parents in London paying more than double the amount paid by parents in Wales and the North West. Those in London are said to pay an average of £894 a month – a staggering £10,731 per year. This compares to parents in Wales who spend an average of £408 a month, or £4,901 annually.
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Elsewhere, the research revealed parents feel pressurised to spend on their youngsters. One in five (18%) say they feel compelled to spend in order to keep up with other parents. However, this could be to do with the fact that 36% of parents admitted they know other parents who boast about how much they spend on their children. Just one in seven (14%) said they give in to their children's demands and buy things they don't really need.
It isn't all bad however, as 52% of parents have opened a savings account in their child's names, while 37% have opened a junior ISA or a Child Trust Fund. A further 8% confessed to having started saving for a house deposit for their children, with the same also starting a university fund.
Meanwhile, four in 10 parents said they had taken out life insurance, with one in five making a will.
Louise Colley, protection director for Aviva, commented: "As every parent knows having children can be an expensive business, but it's incredible to see how this stacks up over the years.
"This is why it's so important for parents to consider how they might cover the cost of raising a child if they were to unexpectedly lose an income through illness or even worse, bereavement."
(JP)
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