Flippin tech! The cost of raising a child hits £200k

IT NOW costs more than £200,000 to raise a child to age 18 with expensive tech, fast fashion and Netflix subscriptions adding to the burden.

Better-off families can spend as much as £320,000, with the teenage years proving the most expensive.

The average cost of raising a child is £202,660, which works out at more than £11,250 a year, according to research by digital wealth manager Moneyfarm, based on today’s costs.

The first three years are financially demanding, with nursery and childcare costs, but ages 15 to 18 place the biggest burden on parents.

Popular subscription services such as Netflix, Disney+ and Spotify add up over time, as do computers, laptops, games consoles and smartphones.

Parents can expect to buy each child three tablets, three smartphones, two computers or laptops and two games consoles on average. British parents spend an average of £3,364 helping teens keep up with fashion trends, plus another £3,145 on theatre, cinema and concert tickets.

Sports clubs, activities and parties add to the financial commitment, plus by the age of 18 the average child gets weekly pocket money of £24.

Moneyfarm head of UK investment consultants Chris Rudden said starting a family is arguably the biggest financial commitment of all, although you can reduce the cost to around £131,000 by making more economical choices.

No wonder one in five adults have delayed starting a family for financial reasons, and the cost of living crisis may force more to reconsider.

Today’s “boomerang kids” often return to the nest due to low wages and high rental costs, Rudden said.

“These days, parenting rarely stops at 18,” he added.