Parents are spending half of their annual salary on children according to Creditfix.co.uk.
Private education / university fees, childcare, holidays and music lessons as well as essentials like food and clothing all contribute to the 50%.
The personal insolvency practice’s UK Spending Report found that parents are spending an average of £14,916 on their child each year. This is more than half of the average British salary, which comes in at £29,009 a year.
One in three parents say they underestimated the costs associated with raising a child and shockingly.
The decision to start a family is an exciting time. In the same way as it is important to prepare your home for any new arrival, it might also be sensible to review finances as well. A financial review can see that your money is working hard for you and you can understand if your existing insurance arrangements meet the needs of your larger family and increased responsibilities.
If you are at this stage of life considering a family, or you have a young family, we’d be delighted to help. It could be one less thing to have to worry about.
Call Mark Fryer at Fryer Glass on 01276 301103 or email [email protected]
Click to read the complete Creditfix.co.uk article on the YourMoney.com website.