How Families in The South West are Managing Rising Parenting Costs

Raising children is one of life’s greatest joys, especially when celebrating key milestones like birthdays or holidays. However, with living expenses at an all-time high, some parents have been caught off guard by unexpected costs.

A recent Legal & General study was conducted to examine how parents are feeling the strain of hidden expenses in raising children. The study, involving over 2,000 UK parents with children aged 16 and under, reveals both the hidden costs and the ways families are making the most of every moment.

Key South West Insights

The average amount UK parents spent on childcare was £308 each month, with Plymouth families paying an average of £126 and families in The South West spending £165 monthly. Men (£422) averagely spent more than women (£244) on this expense. Younger participants spent the most – 16-24 year olds spent  £491, 25-34 year olds spent £384, 35-44 year olds spent £320, 45-54 year olds spent £175, those 55 and over spent £210 .

It was found that 46% of parents rely on family members for childcare, the average number of days was 1.14 days a week. Young families rely on their family more for childcare – 16-24 year olds (1.37), 25-34 year olds  (1.42), 35-44 year olds  (1.14), 45-5 4year olds  (0.87), 55+ year olds (0.6).  47% of respondents use family and friends as childcare during the summer holidays and 32% of respondents said that childcare costs and wraparound costs were unexpected costs since becoming a parent.

Unexpected Costs:

• Unexpected school-related expenses: Nearly half (43%) of Plymouth and South West parents were caught off guard by school-related costs such as uniforms, trips, and after-school clubs.
• Managing costs during the summer holidays: 32% of parents in Plymouth rely on credit cards, while 35% dip into savings to manage summer childcare costs, which can reach up to £2,400 for some.
• 39% of South West parents which they were given the advice to start saving as soon as possible, before they become parents
• Those in The South West spend an average of £129 monthly on their children’s extra-curricular activities, this is £117 in Plymouth

Parents are learning to adapt to rising childcare and child related costs, by relying on their support systems and families.

For more information, please visit: https://www.legalandgeneral.com/insurance/life-insurance/hidden-cost-of-raising-kids/