A parenting organization has revealed that raising a child in Britain costs around £800 per month as the cost of living continues to rise in the country.
According to Family and Parenting Institute (FPI), parents are spending an average of £200,000 on their children from their birth till they turn 21 years of age. The report adds that parents spend anywhere from £30 to £80 on nurseries whose fees have risen by 5.1 percent during the past year.
AdvertisementThis has led to the parents leaving their children in the care of the grandparents even as both the parents struggle to hold on to their jobs in order to make their ends meet. The FPI also criticized the maternity and paternity pay in the country while the new government also faced some heat for withdrawing child trust funds, cutting child tax credits and freezing child benefits.
"The cost of raising a child has a lot to do with the cost of childcare. The amount of affordable childcare is still limited and as a result people have to significantly adjust their working patterns. So the cost in terms of lost earnings is even bigger, especially for women", the chief executive of the FPI, Dr Katherine Rake said.