Debt management could aid rising childcare costs

24/02/2010

Some parents may need to look into debt management as new findings show the cost of raising a child has jumped significantly.

Insurance and investment firm LV= has released new figures that show the cost of raising a child to the age of 21 now stands at £201,000 – that's almost £10,000 a year (£9,610).

The study has found that the cost of childcare has risen by nearly half (43 per cent) in the last seven years.

Childcare and school fees are cited as some of the biggest financial hits when raising a child. The report found that these rising costs have forced parents to make cutbacks in other areas of life to fund daily living expenses.

Mike Rogers, chief executive of LV=, says "in an environment where everyone's feeling the strain, it's more important than ever to try and save little and often as it can all add up over the long-term."

For parents struggling with the costs associated with raising children, now could be the time to get your finances on track perhaps by investigating the benefits of a Debt Management Plan'>Debt Management Plan with a company like EuroDebt.

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