Parents in the UK are facing a “child cost crisis” as they are hit particularly hard by high inflation, a leading charity has warned.
An analysis by Action for Children Data from a survey of more than 5,000 households in the UK in May found that one in five households with children were in “serious financial distress”.
Households with children were three times more likely to be late on bill or debt repayments and twice as late on rent or mortgage debt, compared to households without children.
“With more mouths to feed, clothes to wash, rooms to heat and generally less savings, families with children are particularly vulnerable to financial shocks,” said Paul Carberry, the charity’s chief executive.
According to the digital asset manager money farmThe cost of raising a child to adulthood rose 10% last year to £223,256; that’s more than £12,000 a year.
Here are some of the main costs of parenting, as well as some less obvious expenses.
It has been said that babies can “go through” about eight to ten napkins a day Nubian. And while the average cost of a disposable nappy as of the beginning of this year was 14.6p, that works out to around £11.20 a month.
Switching to reusable napkins could make a “really big difference” to your budget, it said MoneyHelper. The site says some parents may be “shaky” about using cloth nappies, but on average over the first “two-and-a-half years”, before babies are potty trained, choosing reusables over disposables can save more than £1,500 – so more savings He added that he could provide it. “You can sell your reusable products and make money back.”
Formula milk prices are increasing
According to this Which?Until May, the price of formula milk increased by an average of 12.3%.
The consumer group cited “production, storage and transportation costs” as the main reasons for the increase. World Health Organization guidelines also ban in-store or online promotions of baby food in order to “protect both breastfeeding and safe and appropriate formula feeding by holding formula companies accountable for their marketing practices.”
An analysis by Food Foundation Earlier this year it found that the price of a box of standard powdered food in major supermarkets ranged from £9.39 to £15.95. The charity called on supermarkets to offer own-brand formula and urged manufacturers and retailers to “insulate” baby milk formula from the “worst of food price inflation”.
Personal finance expert Laura Howard said the cost of celebrating children’s birthdays and other special events could “quickly run into hundreds of pounds” Yahoo!“from venue hire to providing entertainment, party bags and catering services.”
The site, which advises parents to cut costs by taking advantage of sales or re-gifting unused and unwanted gifts, said “buying gifts for the countless parties your child will be invited to” can be another big expense.
He said a public primary or secondary school could be “free at the point of access” Child Poverty Action Groupbut as of 2022 uniforms, learning materials, school trips, packed lunches and transport costs typically cost parents around £39 per week per secondary school child and almost £10 per primary school child.
“Getting a phone call from the nursery or school to tell you your child is unhappy is what every parent dreads at work,” Yahoo! He said denying leave until the child recovers “could result in him being left without pay.”
Stating that it is a legal right to take unpaid leave to care for a dependent in emergency situations, Erdoğan said: Working Families“There is no right to be paid”.
“You can agree with your employer to make up for lost time, but your employer should not require you to do so,” the charity added. But if the child is sick for a long time, “it may be worth checking whether your employer has a flexible working policy” so you can continue earning.
How to save on childcare costs
The payment is currently worth £21.80 per week for the first child and £14.45 per week for subsequent children. However, only one parent or person responsible for the child is eligible for the benefit, and the full amount is only paid to people earning up to £50,000 a year. People earning above this threshold must pay a “high-income child benefit fee”.
If a parent’s income rises above £60,000, the extra tax paid will “cancel out the amount you receive from child benefit”, it said. Citizen Advice. “But if one of you isn’t working, it might still be worth making a claim.”
One of the “best ways” to cut your childcare costs, he said Money Weekis covered by the government’s tax-free childcare scheme. Parents can receive up to £2,000 a year from the government by setting up and paying for a school. tax-free child care account With HMRC. For every £8 paid into the account, the government adds £2, up to the annual threshold.
Financial support is also available for child care costs.
All three and four-year-olds in England can get up to 15 hours of free childcare per week, either in a nursery or a childminder, for 38 weeks of the year. This rises to: 30 hours of free child care Once a week for working parents unless one parent earns more than £100,000 a year.
Universal Credit applicants can also claim up to 85% of eligible childcare costs, up to a maximum of £646 per month for one child and £1,108 per month for two or more children. You can apply via . gov.uk You can make a request up to three months in advance on the website.
Children of parents who receive certain benefits, such as universal credit or pension credit, are also eligible. free school mealsas well as breakfast club support.