How Much A Child Costs Value A Parent

How Much A Child Costs Value A Parent.

Legal and General has released its 2015 "Value of a Parent" research.

In its research, Legal and General suggest that many parents are underestimating the total average cost of bringing up a child.

Parents estimate that the average cost to bring up a child to the age of 18 is £123,365.

Legal and General’s research suggest that the average cost is some £61,000 higher at £184,392.

Much of the research follows a similar line to Legal and General’s "Value of a Spouse" research where your spouse is valued based upon the costs to hire a housekeeper, a babysitter, a cleaner, a cook et cetera.

For example, they estimate that the cost of the child care burden that a parent takes on if it had to be bought in with a childminder could be £248 per week for mum and £169 per week for dad based upon the average time that each of them look after their child.

Infographic

Take a look at Legal and General’s pictorial information graphic (Infographic) illustrating their findings.  https://www.financialadvice.net/media/media_object_action_show/media_object_class_publication/465c61695f8111ef96bd005056ad65e5" data-media-object-class="media_object_class_publication" data-media-object-show-method="media_object_show_method_modal" data-media-object-show-url="https://www.financialadvice.net/media/media_object_action_show/media_object_class_publication/465c61695f8111ef96bd005056ad65e5" data-media-object-show-host-wrapper-id="" data-media-object-show-wrapper-id="media_object_show_modal" data-media-object-deliver-wrapper-id="media_object_deliver_wrapper" onclick="mediaObjectShow(this,event)

What this highlights yet again is the value of your spouse, the value of the mother of your child or the value of the father of your child.

• Do you have enough life insurance?
• Do you have enough sickness insurance if you are unable to work?

Aladdin's Lamp's Value?

We liken these insurance needs to Aladdin and his magic lamp.  If you had a magic lamp that every time you rubbed it, it gave you £3000 per month how much would you insure your magic lamp for? We assume it would be quite a lot.  This is how valuable your spouse or mother/father of your child really is. Contact us for insurance protection advice.