Congratulations, you’re expecting!
Expecting a baby is one thing, understanding and planning for the financial repercussions is another. According to Royal London “The Centre for Economics & Business Research found the cost of raising a child born in 2016 to the age of 21 has risen to £231,834. This is a 65 per cent increase on figures from 2003. Childcare alone can be expensive. Tom Conner, director at Drewberry, says: “Research from Child Poverty Action found that, in 2017, the cost of raising a child as a couple to the age of 18 stood at £75,436. “And if you throw childcare into the mix because both parents need to work, then these costs rise to £155,100. This equates to nearly £8,617 a year. Clearly, the cost of raising a child really adds up.”
Considerations when your family is set to expand may include moving home to accommodate your growing family, ensuring sufficient protection if yourself or your partner are unable to work and revisiting or in fact writing a will to ensure those you love are taken care of. These are all things we can help with.