The average cost of raising a child to 21
£231,843 or £920 a month
So how does it break down?
costs when a child is
aged between 1 to 4
cost of education
fees but excluding
added extras like
driving lessons, ﬁrst
You may be considering private education, if so….
is the average cost for a child to board at a private school
The figures can be pretty frightening so how do you make sure you’re ready?
Do you put a bit aside each month, make regular investments...or a bit of both?
What are the pros and cons
of saving and investing?
- Low risk – your money’s safe
- Good for short-term goals – cover those early childcare costs
- Easy access to cash – for the inevitable extra expenses!
- Low interest rates mean lower returns
- Will you be able to beat inflation when your child is older?
- Can often be too easy to dip into
- Potential for greater returns – particularly if you’re considering private education
- If you start when your child is young, time is on your side to ride out fluctuations in the market
- Help you achieve medium and long-term goals – Be ready when University and gap years come around
- Involves some risk
- The fees can sometimes cut into your returns
- Investing requires at least three to five years and if your children are already in their teens, this might be too long
Saving OR Investing OR both... you decide!
Start your investment journey