Golden Child

According to research from investment experts, it now costs over £220,000 for a lone parent, and £165,000 for couples, to nurture children up to the age of 18. These staggering figures highlight the growing financial burden on parents today; and while fertility rates are declining, our cultural desire to grow our families continues.

Disparities

The disparity in cost between single parents and couples is notable, and perhaps seems unfair. Ultimately, it’s more expensive for single parents because they don’t benefit from economies of scale that two-parent families do, resulting in higher unit costs per child.

Changing cost demands over time

Many assume older children imply greater expense, yet the initial young years can be the priciest, due to parents’ desire to return to work, and subsequent childcare costs. In addition, indirect financial challenges, such as the cost of commuting and gradual ‘phased return’ hours can take a considerable toll as well.

As children grow older, the burden of these costs typically shifts towards education and leisure.

Early years

Nappies cost parents around £8/week – that’s over £400 annually, and well over a thousand pounds for the average duration of a child before being fully toilet-trained.

Full-time pre-school costs average out at over £215/week, or £11,000 annually. Even by halving this for perceived part-time hours will mean over £20,000 spent across four years before school, though free nursery hours can reduce the total.

Food and drink

Food and drink is believed to total around £26/week – that’s over £1,350 annually and almost £25,000 until the age of 18. Housing-related expenses – such as the relative cost of an extra bedroom (be that through renting or as a mortgaged property) and utilities – come in at around £1,900 annually, or £34,000 until adulthood.

Transport (£31/week), recreation, lessons, clubs and cultural activities (£42), and (school and non-school) clothing and footwear (£19) add another £85,000 to the total, per child.

Pocket money

And then there’s the dreaded pocket money! In 2024, the average amount paid is £7.11/week. Typically this payment begins at around the age of five, meaning that across 13 years, we will pass over around £5,000 per child, all in the knowledge that most of it will be spent in the local newsagents!

One-offs

As for one-off costs, Christmas, birthdays, holidays and other events add another £2,500/ year to the total.

No refunds

Of course, while none of this investment is returned financially, what’s returned to you, as a parent, is more valuable than anything monetary. You cannot put a price on life, love, companionship and the memories having children brings, so spend on and enjoy!