Parents may want to speak to a financial planner in Bristol to help them manage their money after hearing that the cost of bringing up just one child from birth to the age of 21 is now £231,843, or 38 per cent of the typical household’s net income.
This is according to LV=’s latest Cost of a Child report, which has found that the cost of raising a child has climbed by over £2,500 in the last 12 months, and over £13,000 in the last five years.
Childcare and babysitting help to contribute to this, with the most expensive years of a child’s life revealed to be between the ages of one and four. Despite the amount of money required for child-rearing, it was also found that 49 per cent of parents do not currently have a plan in place if the household’s main breadwinner lost their source of income through illness or accident.
Managing director of protection at LV= Myles Rix said: “The cost of raising a child is at an all-time high and, with the price-tag of childcare continuing to rise, family incomes are being stretched even further.”
Investment advice could certainly prove to be beneficial, especially for busy parents who may not have the time or knowledge to run their own investment portfolio. If you’d like to find out more about how you could benefit, get in touch with us here at Churchill Wealth Management so you can enjoy raising your children without having to worry overly about how to pay for their keep.
Financial Advice Bristol
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.