The Cost Of A Child report revealed yesterday that the price tag of raising a child to their university years is now over £225,000, rising by 60% in the last ten years alone.
Of course, major changes include university costs which the report also includes (is it normal for parents to pay for uni? I paid my own way by dressing as a giant yoghurt pot during the holidays…) but costs have risen in almost every area.
People on average spend over £11,000 on a baby’s first year, an amount that has grown by 50% in a decade. This kind of makes me wonder what parents are spending money on. What does a baby need, really? I can think of only one or two things that people might not want to buy second hand- although, along with lots of other families, we made do with what we already had, hand me downs and stuff from charity shops.
As children grow there are costs that are unavoidable (I GUESS they have to eat, huh?) and the general cost of living has increased a little but I do wonder if a lot of what we spend on children is driven by this idea that they deserve the “best” and that the best is the most expensive.
Is it possible that much of the increase in spending is to do with the more aggressive marketing of kid’s toys and products? Is there a growing consumer space dedicated to childhood that makes parents feel the pressure to spend?
What do you think is going on? I’d love to hear your thoughts.