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Payment protection: Cost of raising a child increases

People seeking out payment protection refunds may be doing so because the cost of raising a child has increased dramatically.

According LV='s Cost of a Child Report, the cost of raising a child has increased by 50 per cent compared to the cost in 2003.

Mark Jones, LV= head of protection, said: "Parents are all too aware that having a child comes with a hefty bill when you factor in things like childcare, schooling and holidays over a 21-year stretch.

"Childcare and education must feel like another mortgage payment for some parents as this is still the biggest outlay and shows no signs of slowing down."

Research reveals that raising a child until they are 21-years-old now costs £210,000. This equates to £10,040 a year, £836 a month or £27.50 a day.

This figure is an increase of 4.5 per cent compared with the last year's report. The area parents spend most money on is childcare and babysitting.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800428707-ADNFCR



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