Over the last decade, the cost of raising a child in the UK has experienced a significant increase, placing a significant financial strain on families. New data from smarTrike reveals that the total cost of raising a child from birth to 18 years old now exceeds £342,000, representing a 75 percent increase since 2013. This translates to an average annual cost of £23,500 per child. When compared to the average income of two adults in the UK, which stands at just over £66,000 after deducting living expenses, couples aiming to raise a family are left with only £30,000 per year. Given the substantial childcare costs, which average £15,000 annually, this means that the average UK couple can realistically only afford to have one child.
The rising cost of childcare is a major concern for parents. A survey conducted by The Prince’s Trust found that almost half (47 percent) of Britons are postponing having children due to financial constraints, while a quarter (24 percent) have decided against having children altogether. The birth rate in the UK has also been declining over the last decade, with a further drop of 0.85 percent in 2024 compared to 2023.
Parents are facing additional financial pressures due to the rising cost of goods and services. The replacement of items such as bicycles, which children typically outgrow every 18 months at a cost of £185, can lead to significant expenses over the course of a child’s childhood.
