‘Parents spend one-fifth of average salary on raising a child’

THE cost of raising a child takes up nearly a fifth of a parent’s salary, a report has found.

Mothers and fathers of children aged up to 11 spend an average of £448.41 a month per child, Halifax found.

This equates to £5,380.92 per year, or nearly a fifth (18.5%) of the average salary, at £29,009.

The findings suggest that by the time a child reaches secondary school aged 11, parents will have spent nearly £60,000 – at £59,190.12 typically.

Food takes up the bulk of the monthly cost, at £86.85 per child on average, the report found, while £60.69 goes on holiday costs and around £80 goes on toys and hobbies.

According to the research, parents spend an average of £57 per month on childcare per child, although a quarter (24%) have relatives who help out with childcare. For those who do pay for childcare the figures could therefore be significantly higher than the average, Halifax said.

Nearly half (47%) of parents have cut back on going out since having children, the research found.

And just over two-fifths (44%) have cut back on restaurant meals.

Giles Martin, head of Halifax Savings, said: “Having children is a huge financial and emotional commitment. It’s important to be realistic about how much things are going to cost.”