This is how much it costs to raise a child in 2024

Experts say it’s not viable for some parents to make ends meet.

It now costs more than £220,000 to raise a child to the age of 18 The cost of raising children has soared over the course of the past decade, leaving many parents struggling to make ends meet. Research from investment experts Moneyfarm suggests it now costs more than £220,000 to raise a child to the age of 18. Another study, by SmarTrike suggests that the figure is even higher.

If you choose to keep it and earn between these brackets you will need to fill in a tax return to pay back some of the money. There is more information on this on the Government website. Even if you aren’t eligible to receive child benefit, because either you or your partner earns too much, you should ensure you register to be eligible for it anyway, and then not claim the cash, which is also something you can do online. This ensures you receive credits towards your state pension entitlement.

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