Kids’ essentials cost more than £3,760 a year
Today's parents spend an average of £3,762 a year on kids' essentials - more than 14% of the average salary in Britain of £26,100 a year, according to new research by Santander Insurance.
The spend, which could amount to more than £67,700 over the course of 18 years for each child, covers childhood essentials including food and drink, entertainment, toys and gifts, holidays, activities, transport and babysitting.
Londoners spend the most on food and drink, holidays and transport for their children. They are closely followed by Scots, who spend on average just over £140 less than their city counterparts in the South on entertainment, toys and gifts and activities for their offspring.
Taking these costs in to account is perhaps why more than a third of today's working families (34%) say they couldn't survive on one salary alone - a far cry from the immediate post-war years when almost seven out of 10 households survived on just one income. Despite this, just one in 10 parents (11%) has any sort of income protection in place in case they become ill or have an accident and are unable to work or provide for their children.
"It comes as no surprise that raising children today can be a costly business. However £3,762 a year just on the basics, that's £313 a month, is a lot of money to find if you suddenly can't work because of illness. And that expenditure doesn't even include education or clothing, which will push the cost up even more," adds Richard al-Dabbagh.
"Our research has found that more than one in three working families say they couldn't survive on one salary alone yet only a tenth have any sort of income protection in place. For people with a partner and/or children, income protection and life insurance can offer much-needed reassurance in the event of a parent or guardian losing a job, being unable to work due to illness or if they were to die. It's not as expensive as people think and it helps people maintain a standard of living without having to take drastic measures such as selling their home or belongings."
Santander Income Protection Insurance, provided by Aviva, is designed to cover customers in the event that they cannot work as a result of an accident or illness. Santander also offers life insurance providing reassurance to customers that their mortgage could be paid off if they die or suffer a critical illness during the term of the policy. Premiums start at just £5 per month.