Media comment: LV= 'Cost of a Child' report

Tuesday 16 February 2016

In response to a new LV= ‘Cost of a Child’ report highlighting that the cost of raising a child is now more expensive than buying an average semi-detached house, Nick Hill, Money Expert at the Money Advice Service, comments:

“Having children is a hugely exciting time but it can also be very expensive, as these figures show. The cost of childcare can eat up a large chunk of the family budget, which is why planning is essential. Pulling together a budget is a great way to get a quick idea of how much spending money you have after you’ve paid your most important bills.

“There is plenty of help available from the government and employers — from tax credits and tax-free vouchers, to free childcare — so make sure you’re accessing everything you’re entitled to. It is also worth thinking about how your family would manage if you were to experience a loss in income. It is good to think about saving for the unexpected or considering whether protection insurance might be suitable for you. For more information on this subject, visit the Money Advice Service website.”