Cost of having a baby 1,786… and that’s what we spend BEFORE the birthParents spend nearly 1,800 in preparation for newbornWealthy six per cent fork out nearly 10,00025 per cent feel pressure on relationship
The financial strain of having a baby can come as a shock to many.
But a new study has found costs start to mount up even before the baby's birth.
Findings revealed that first-time parents spend an average of 1,786 in preparation for their newborn.
Parents spend an average of 1,786 in preparation for their newborn
Meanwhile a wealthy six per cent fork out nearly
10,000, from decorating the nursery to freezing stem cells in the hope of medical breakthroughs.
Despite having limited funds, two thirds of expectant parents turned to credit cards or took out loans and a quarter reported
financial woes after the birth.
Alistair Clayton, a spokesperson from TV series
‘How To… Prepare for your baby’s arrival’ which initiated the survey of 2,000 parents, described that caring for a newborn and coping with increased outgoings can prove 'toxic' for many couples.
STRAINS OF HAVING A BABY
Childcare costs: 68*
Loss of earnings due to maternity leave: 48
Financial outlay of preparing for a new baby: 26
Long-standing financial problems: 24
Reduced benefits / family tax credits: 22
* per cent
SOURCE: How To… Prepare for your baby’s arrival
'In anticipation of their baby’s arrival,
first-time parents often feel under pressure to overspend in preparation
for every eventuality: outfits for every occasion, expensive nursery
equipment and gadgets they’ll never use.
of money, in conjunction with the stresses and strains associated with
caring for a new baby, makes for a toxic combination.'
A quarter of those questioned admitted that the financial burden impacted on their relationship with their partner.
Most families were hit by childcare costs (68 per cent), loss of earnings due to maternity leave (48 per cent), financial outlay of preparing for a new baby (26 per cent), long-standing financial problems (24 per cent) and reduced benefits/family tax credits (22 per cent).
A report earlier this year found cost of raising a child from the moment they are born until the age of 21, has soared to a record high of more than 10,000 a year.
According to the Cost Of A Child study for insurer and retirement specialist LV the North-East is the cheapest area to bring up children with a bill of around 202,000 while London is the most expensive at a cost of nearly 240,000.
LV chief Mark Jones said: ‘From studying parents’ spending habits we have seen the cost of raising a child steadily increase since our first report in 2003, and this trend shows no signs of stopping.’