While the general cost of living seems to rise every year, this is nothing compared to the recent rise in the cost of bringing up a child.  The Liverpool Victoria friendly society have recently released a report which shows that the average parent will spend £180,000 on their child up to the age of 21!

Even though there is no parent in the world who would actually “cost” the price of bringing up a child, there are serious issues at stake, with many families forgetting all aspects of financial planning.  There are many aspects to consider such as insurance, savings plans, financial constraints (not over spending at birthdays and Christmas) and the like, serious issues which demand consideration.

The thought of saving for a child’s 18th or 21st birthday and being able to present them with a nest egg for their future will give any parent great joy.  When you bear in mind that the average cost to bring up a child is approaching £9000 a year, which equates to £130 billion a year for the UK as a whole, the importance of financial planning becomes ever more important.

Over recent times the rise in the cost of bringing up a child has increased by more than inflation, and historically even more than the cost of property.  Financial planning for the family, including the children, has never been more vital than now.  There are a range of savings products available which only require a few pounds a week - they serve as a great way to ensure your children get a  good start in life, and it will also take the pressure off you!