Raising a child costs £68,000 more than the average house in Birmingham, a new report has found.
The typical cost of raising a child in the West Midlands is £234,269, according to calculations for LV=, while a house in Birmingham costs just £166,164 on average.
Generally, the most expensive years for raising a child are when he or she is between the ages of one and four, with childcare costs placing a particular strain on budgets. Parents typically spend £63,224 during these years.
The first year of a child’s life is also a financial pinch point, with parents typically spending £11,498 when many will have seen a cut in their income due to taking leave from work to care for their baby.
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Parents with children in private education can expect to pay much more.
The report, compiled by the Centre for Economics and Business Research (Cebr) for LV=, found that sending a child to private school would add, on average, £141,863 for a child attending day school, or £260,927 for a child boarding at school.
Here is how the cost breaks up:
Childcare and babysitting, £70,466
Education (excluding private school fees), £74,430
Food, £19,004
Clothing, £10,942
Holidays, £16,882
Hobbies and toys, £9,307
Leisure and recreation, £7,464
Pocket money, £4,614
Furniture, £3,408
Personal items, £1,130
Other (includes driving lessons, first car, birthday and Christmas presents), £14,195
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The cost of a child by age:
First year, £11,498
Years one to four, £63,224
Years five to 10, £48,479
Years 11 to 17, £55,197
Years 18 to 21, £53,445