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Raising a child `costs £43,000`
31 July 2007
The cost of raising a child in the UK adds up to more than £43,000, according to new figures.
On average, parents in Britain spend at least £46 per week on costs related to their children, which could lead to debt problems if finances are not managed properly, an Invesco Perpetual report claims.
If educational costs are included in the total, the price of raising a child to the age of 18 could reach £150,000, the study indicates.
Rick White, marketing director at Invesco Perpetual, said that families should start planning early on to avoid encountering bad debt or other financial difficulties.
"Starting sooner rather than later is what it`s all about and, with professional help from a financial adviser, it should be much easier to plan for the costs of brining up and educating a child," he remarked.
In other family finance news, Melanie Mitchley, director of industry relations at Callcredit, said that many couples are opting for credit checks before they tie the knot.
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