Infofriday - The cost of raising a child in 2014

Following last week's post about the rising costs of a University degree, this weeks info-graphic, based on the recent CPAG's report, looks into the scary cost of raising a child in the UK and just how much it has been increasing each year.  

This is considered the minimum cost of raising a child to reach an "acceptable standard of living" and it is in line with the definition of the minimum income standard":

"...is more than just food, clothes and shelter. It is about having what you need in order to have the opportunities and choices necessary to participate in society."

It is concerning to note that the biggest increase between 2008 & 2014 has been childcare, increasing by a staggering 42% - more than twice the inflation over the same period (19%).

 

 The report also explains in detail how the cost is calculated:

"...as the difference that the presence of the child makes to the whole family’s budget. For example, the additional cost of a first child for a couple is the difference between the costs for a couple without children and a couple with one child. The additional cost of a second child aged, say, six with a sibling aged eight is calculated as the difference between the budget of a family with two children aged six and eight, and that of a family with just an eight-year- old. Similarly, calculations are also made for lone-parent families, whose costs with one child are compared with the costs of a single adult."

Interesting to note how much more expensive it is for a single parent than for a couple. This was primarily attributed to the extra costs that a single parent may need to incur (e.g. larger accommodation) which a couple may already have incurred.

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