Having children can add great joy to your life, but it’s also undeniably expensive. So, what is the average cost of raising a child in the UK? We look at how much you will need in your bank account if you want to make this important step.
Highlights
The average cost of raising a child to 18 in the UK is between £157,000 and £209,000, including housing and childcare.
The cost of raising a child increased by 35% between 2012 and 2022 for a lone parent and by 10% for a couple.
In 2023, the average parent spends almost £5,000 a year on childcare, one-fifth (19.3%) of the average UK salary after tax.
Almost 1 in 5 UK parents (18.4%) spend over £10,000 per year on childcare, which equates to around 2.7 million parents.
More than a third (37%) of parents have reduced their paid working hours due to high childcare costs and lose an average of almost £9,000 a year in income.
Almost half (47%) of UK parents have cut down on their spending due to childcare costs, and this figure rises to 71% in Greater London.
A single parent on the national living wage could only cover three-quarters (77%) of the minimum cost of bringing up a child on average in 2022.
Average cost of raising a child in the UK
In 2022, the average cost of raising a child to 18 was estimated to be £157,562 for a couple and £208,735 for a single parent, including housing and childcare.
This equates to £11,596 a year or £966 a month for a single parent and £8,753 a year or £729 a month for a couple.
This is the basic cost of raising a child, including housing and childcare, and doesn’t account for any additional costs such as hobbies or holidays.
A couple raising their first child will spend over £14,000 in the first year, while a single parent will spend almost £19,000.
The cost of raising a child for a single parent increased by 35% in a decade, going from £155,015 in 2012 to £208,735 in 2022. The increase in cost for a couple has not been as steep, increasing by 10% between 2012 and 2022.
In 2023, the average parent spends £4,959 a year on childcare, almost one-fifth (19.3%) of the average UK salary after tax. However, almost 1 in 5 UK parents (18%) spend over £10,000 per year on childcare.
The average parent in Greater London spends £10,268 a year on childcare. This is more than double the UK average and almost 5 times higher than the region with the lowest yearly spend on childcare, which is the South West of England, with an average spend of £2,154.
How many parents stop working for childcare reasons?
Our 2023 survey found that more than a third (37%) of parents have had to reduce their working hours or take time off to care for their children because of the high childcare costs. The average parent who reduced their working hours saw their annual income after tax reduced by £8,972.
Are parents making sacrifices due to the high cost of raising a child?
Our recent survey found that almost half (47%) of parents in the UK have cut down on their spending due to the costs of childcare, which equates to around 6.9 million parents.
The most common sacrifice is eating out in restaurants, with 1 in 5 parents (19%) giving up or cutting down on this, followed by foreign holidays (18%) and paying money into savings (18%).
Worryingly, approximately 1.2 million parents have had to cut back on essential spending, such as paying for food or heating, to cover the high costs of childcare.
Going to events such as concerts or sports matches
14.26%
2.07 million
Going on domestic holidays
13.87%
2.02 million
Paying for subscriptions (e.g. streaming services)
12.15%
1.78 million
Giving money to charity
12.07%
1.76 million
Paying money into a pension
9.17%
1.33 million
Essential expenses such as food or heating
8.39%
1.22 million
Total
47.42%
6.9 million
The breakdown of those cutting back on spending per region due to childcare is revealing, as it shows that those in London are far more likely to make sacrifices, with a significant 71% stopping or reducing their expenditure in certain areas.
This is far higher than in other areas, such as the East Midlands, with just 36% of parents cutting down, which highlights that the high cost of raising children in the current climate is biting particularly hard in and around the capital.
Shockingly, only a couple working full time on the median wage can meet the minimum costs needed to raise a child. On average, parents who are not working have less than half of the minimum cost in 2022, while a single parent on minimum wage only has three-quarters (77%) of the amount required to cover basic costs.
Even a couple on the minimum wage or a single parent on the national median wage don’t have the total minimum costs to raise a child to the age of 18 and would still need an extra 6% and 12% of the total costs, respectively.
How does the cost of raising a child change over time?
Raising a child costs more during the first years of their life, and this is mainly due to childcare costs. There will be an uptick once they enter their pre-teen and teenage years before decreasing by the time they are largely old enough to stay at home on their own and maybe even get a part-time job to have their own income.
When it comes to your first child, estimates show that a couple can expect to pay over £14,000 extra a year for the first 2 years, including childcare and housing, while a single parent can expect to pay almost £19,000 a year for the first 2 years!
By the time your first child has reached 14, the average yearly cost has decreased significantly to £3,800 for a couple and £8,400 for a single parent. Most children this age do not require childcare, and many older children will start earning their own money with a part-time job!
Finder commissioned Censuswide on 04.09.2023 to carry out a nationally representative survey of adults aged 18+. Between 06.09.2023 and 08.09.2023, a total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
The average UK salary was calculated from ONS wage data, and standard tax deductions were calculated to give the yearly salary after tax.
To estimate the number of parents in the UK, Finder used ONS data on the number of lone-parent and couple families with dependent children in 2022 and made the calculations accordingly.
Statistics on the cost of raising a child were taken from a 2022 report by the Child Poverty Action Group.
Click here for more research. For all media enquiries, please contact –
Matt Mckenna
UK Head of Communications T: +44 20 8191 8806
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Sophie Barber is a content marketing manager for Finder in the UK after previously working as a content manager at a digital marketing agency. She has over 5 years experience in writing and publishing clear, concise and informative online articles for a variety of websites. See full bio
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