No matter if you’re expecting, already are parents, or thinking about offspring soon, the financial burden of a child is a massive factor to be taken into consideration, before making a final decision.
A study done by the Child Poverty Action Group has shown that the cost of raising a child from birth to the age of 18 in the year 2022 was £157,562 for a couple-family and £208,737 for a lone-parent family. The difference in numbers is largely due to fixed costs being shared between fewer people – and thus more attributable to the child. And a good 10% of that is just sending them to our free primary and secondary schools. How?
Primary and Secondary Education
While our public schools in the UK are funded by the government, additional expenses such as school uniforms, lunches, transport, extracurricular activities, and school trips can add up massively. In fact, it adds up so much, that parents across the country typically need to spend at least £19 pound per week for a child in primary school, and £39 for secondary school education. That’s a rough annual cost of around £850 and £1,750 respectively – and a total of over £18,000 across all 14 years of school. Not including before and after-school care, that is.
Higher Education
The current maximum tuition fee for our universities is £9,250 a year – for a grand total of £27,750 for a standard three-year degree. And this excludes the maintenance loans that are meant to cover living costs. Adding those up, your child could easily graduate with a debt of £40,000 or more.
Planning for the Long Term
To be able to navigate these costs of education effectively, strategic budgeting techniques should be implemented – ideally as soon as possible. That can be creating a dedicated education fund whilst working on your credit score, but also researching available grants and scholarships when the time comes – or even exploring part-time work options for older children, doubling up as valuable experiences and lessons when it comes to handling money. Financial planning from the early stages of a child’s life can make a significant difference in managing the costs of education.
Governmental Support
Additionally, the UK government provides various forms of support to assist families in meeting educational expenses, but there is still so much more room for improvement. From free school meals to clothing grants and free travel for students, there needs to be more movement.
Wisely Investing in Your Child’s Future
But as long as that movement isn’t happening, the costs of education in the UK are still daunting – and early investments are a noble endeavour not only for your child but also for your own peace of mind. After all, the journey through education should be enriching for your offspring – and financially sustainable for your family. Without having to make compromises on what is a children’s right to learn.
