ICP067 - Justin Harper, LV, Cost of a Child Report
Informed Choice Radio Personal Finance Podcast
English - February 24, 2016 02:00 - 11 minutes - 21.5 MB - ★★★★★ - 6 ratingsInvesting Business Education Self-Improvement informed investing martin bamford choice finance financial personal planning Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this bonus episode of the Informed Choice Podcast, Martin chats to Justin Harper, Life & Health Specialist at LV, the UK's largest friendly society, about the 13th annual LV Cost of a Child report.
The report has found that the cost of raising a child is at an all-time high, increasing by more than £2,500 in the last year alone.
Some of the key figures from their research included
-The average annual cost of raising a child now takes up more than a third of the average UK household’s net income.
-The biggest increase over the year has been 4.3% for childcare costs.
-Six in ten parents admit they’re struggling to manage their outgoings.
-Half (49%) of parents don’t have a plan in place if the main breadwinner were to lose their income due to accident or illness.
Do visit lv.com to find out more about their annual Cost of a Child report, which includes a useful online calculator you can use to calculate your own costs of raising a child until their 21st birthday.
Martin and Informed Choice
Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets.
Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement.
“Bamford excels at making even the dullest topics interesting” – Pensions Management
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