The rising cost of bringing up a child means more ‘delays’ for parents
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Money & Finance, Other
Having a large family is something that a lot of parents are drifting away from today. As the cost of raising one single child continues to increase, more and more mums and dads are "delaying having more children".
A survey by protection specialist LV= showed that the increase in the cost of living, childcare and income reduction means that one in five parents is not thinking about having another child any time soon.
The cost of raising another little bundle of joy has gotten so bad that parents have to count their pennies before spending.
Tight budget also meant that mums and dads are not able to save as much as they would like.
According to the head of protection at LV=, “having children has never been more expensive.”
He thinks that “seeing the cost of raising a child in its entirety can help people think about how to secure their family’s financial future should anything unexpected happen.”
Since education remains the biggest cost for raising a child, he advises parents to think twice about cutting back on life insurance or income protection.
