Research by Whitestep.co.uk found that respondents guessed an average of £464 per month to raise a child under five, with eight out of ten estimating the cost to be under £1000 per month. The average monthly cost is calculated at £1,2451.
To get this figure, researchers looked a wide range of different expenditures which can be directly attributed to children such as food, clothing, education and childcare. The survey found that there were notable differences in people’s estimates depending on their location, gender and age. A total of 1,500 people were surveyed.
Those living in South West of England guessed £619 per month – the closest to the actual figure. They were followed by Londoners who estimated an average of £611 per month. West Midlanders were the furthest away from the national figure, underestimating the average monthly sum by £862.
Women estimated £470 per month while men estimated just £320.
When it comes to age, 18-34 year-olds had the best understanding of how much it costs each month to raise a child, followed by the over 65s.
About the survey
Whitestep used Liverpool Victoria’s annual ‘Cost of a Child’ report to calculate the monthly cost of raising a child under five.
Whitestep’s survey results show how unexpectedly high the cost of raising a child is in the UK, and are especially significant for new parents and those thinking of embarking on parenthood.
Test your own expectations of parenting
Whitestep are using these initial survey results as an opportunity to learn more about people’s understanding of parenting in the UK – through a supplementary quiz-style questionnaire. Both parents and non-parents are invited to answer questions on different elements of bringing up a child.
You can directly access the quiz here. Questions include:
- How many hours of sleep do parents of newborns average per night?
- Which items do parents spend more on over the course of a child’s life?
- What is the average age at which a man becomes a father?
After they have completed all the questions, the user’s results are presented in easy-to-understand charts to compare against the real statistics. Under each set of questions and answers, a paragraph attempts to explain the results. Click Here for results.