Debt problems - raising children
28/02/2011More people in the UK appear to be suffering from the debt problems brought about all because of the sheer expense of raising a child in Britain today.
That's because having a child and raising them in this country, is now costing parents an average of £210,000, according to new research.
This represents an increase of 50 per cent since as little as eight years ago.
Mutual financial service LV= is the firm behind the study, with the group also finding that British parents must undertake costs that have gone up by 4.5 per cent, in the last 12 months.
This figure of course trumps the national rate of inflation, which currently stands at four per cent.
LV= also find that 78 per cent of parents say that ongoing debt problems mean parents are holding back as much as possible when it comes to spending.
Head of protection for LV=, Mark Jones says: "Childcare and education must feel like another mortgage payment for some parents as this is still the biggest outlay and shows no signs of slowing down."
Debt solutions expert Kevin Still says, "Costs of education for older children or young adults are rising dramatically in a UK economy where there are limited part-time or fulltime jobs for youngsters.
The above inflation cost increases mirror other rises in essential household expenditure creating the potential for debt problems and the need for debt advice." 
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