READER QUESTION
Q How much does it cost to raise a child? I’m worried about the financial responsibility
A The steep rise in living costs has seen the average cost of raising a child to 18 jump from £202,660 in 2022 to £223,256 in 2023, according to research by digital wealth manager Moneyfarm*. The research found that between 15-18 years old remains the most expensive time of a child’s life, costing an average of £57,082 for that period. For more info, visit moneyfarm.com.
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