Money News
If you're expecting the pitter patter of tiny feet any time soon, it could be time to prepare your wallet, never mind the nursery, according to new research from Halifax.
It found that even just the costs of pregnancy and preparing for a new baby will set parents back at least £1,600. Pregnancy tests, for example, cost about £8 and ovulation tests £15.99. Maternity clothes can also add significantly to these early costs with mums-to-be needing to spend around £240 to kit themselves out with the essentials.
Mike Regnier, head of savings at Halifax, says: "You may think that all the major costs involved with bringing up children are in the distant future. However, a significant outlay is required even before your new addition to the family makes his or her arrival."
Once the child is born, costs can really shoot up. According to the Daycare Trust, a typical full-time nursery place for a child under two is £152 a week. This compares to average earnings of £447 a week last year. The costs have increased from £144 last year, a rise of almost six percent.
According to Liverpool Victoria, the average household could spend £46,778 on a child's education, up by a quarter (26%) since 2005. The cost of attending university now stands at £32,478, which includes tuition fees, books and living costs.
And the costs don't stop there, says Halifax. According to post-retirement specialist GE Life, at least six in 10 over-50s (64%) keep the Bank of Mum and Dad open to their grown-up children. Half of parents surveyed paid towards their childs first car, 43% paid an average of £2,877 towards their offsprings wedding and more than a quarter helped their child get on the property ladder.
READ MORE: Little people, big costs
23 February 2007 © Moneyextra.com
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