Yorkshire and Humber cheapest region to raise a child

Published: Tuesday 16th February 2016 by The News Editor

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No other region in the country is cheaper than the Humber and Yorkshire to bring up children, a new study shows.

LV= finds that parents pay £214,559 to raise each child up to 21 years old – or around £10,200 a year.

The insurance firm says this is £39,079 cheaper than in London.

Nationwide, the average cost is £231,843 – £12,588 more than the typical £219,255 price of a semi-detached property. This has gone up by 1.1% from the £229,251 the year before.

These figures go up sharply for parents getting their children privately educated. This puts a typical £141,863 on the bill for day school pupils and £260,927 for school boarders.

Major expenditure goes on state education (£74,000, including uniforms, university costs, trips and lunches), baby-sitting and childcare (£70,000-plus), food (£19,000), holidays (£16,000) and clothes (£10,000).

Toys and hobbies (£9,000), recreation and leisure (£7,000) and pocket money (£4,600) also add to the bill.

Children aged from one to four years old cost the most with fathers and mothers shelling out an average of £63,224.

Parents spend a typical £11,498 during a baby’s first year of life at a time when several of them lose wages due to caring for their new-born.

Copyright Press Association 2016

Published: Tuesday 16th February 2016 by The News Editor

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