The cost of raising a child to 21 is £200,000

nkkingston

An individual on minimum wage would earn just over £275,000 in the same period at current rates. £200,000 is 72% of that, which seems very high, but if you assume that a large proportion of that figure is made up of the difference is in rent/mortgage for a house with additional bedrooms, associated running costs, household groceries, family holidays and so on, even people on minimum wage could potentially be spending a large portion of their income on their child and still making ends meet, because that portion overlaps with other spending categories.

I suspect the figure doesn't include loss of earnings. For a heteroesexual couple in the same job, having one child could actually boost the famiy's income (but two or more reduces it). A US study found men earned 6% more after having kids, whereas women lost 4% per child.. I know you can't completely map US figures to the UK, but our gender pay gap is currently 13.9%, which is only slightly better than the US's.

It does make you feel sorry for lesbian parents: £200,000 cost plus 4% per woman loss in earnings per child!

sourcrates

poppasmurf_bewdley wrote: »

In the meantime, I'm off to tell my two kids the good news that they owe me a hundred grand each and I'll have it anyway they can give it to me. :rotfl::rotfl:

Me too pops lol !!!!!

On_my_way

Well, most kids can get a part time job from age 16 so parents shouldn't have to pay loads for them from then anyway!!!!

Sanctioned_Parts_List

"estimated at over £200,000" - by whom, using what basis?

If this is a blended national average, then it should be treated with as little respect as "national average income" and "national average house price," where a limited number of very high earners/high value properties/high spenders skew the curve far to the right of where it belongs.

Chances are the rest of us spend in the low to mid tens of thousands.

GwylimT

We have three, if I add their children care costs the total is around £75K.

[Deleted User]

Ignoring a 'per child cost' - just the fact that my wife went part time when we had kids will have cost £300-350k in 'lost wages' over 21 years.

zagubov

ringo_24601 wrote: »

Ignoring a 'per child cost' - just the fact that my wife went part time when we had kids will have cost £300-350k in 'lost wages' over 21 years.

Also, loss of pension, more life insurance, more expensive accommodation, (bigger mortgage due to upsizing /extending house), more expensive holidays, childcare, bigger car?

[Deleted User]

zagubov wrote: »

Also, loss of pension, more life insurance, more expensive accommodation, (bigger mortgage due to upsizing /extending house), more expensive holidays, childcare, bigger car?

oh definitely - first thing we did when we found out our 2nd child was on the way was put our house on the market.. So you can add an extra £80,000 to our costs of raising a child. If we went from 2 to 3, we might have to make more space, maybe a loft conversion. There goes another £50,000.

Kids are EXPENSIVE. However, the figures are all rubbish, and its all a personal experience. If I lived somewhere cheap, and my wife's salary was less, then our loss of income and cost of house move would be a lot less.

So - these studies are all a bit rubbish really.

pogofish

When did having children become a debt issue?

The family/parenting forum is surely the better place for this.