Find out how much it really costs to bring up a family in the UK nowadays.
As we age, we realise just how important family really is. According to the Office for National Statistics’ (ONS) Family and Households there are 18.9 million UK families.
But what’s the typical British family like? Personal pension and stocks and shares ISA provider True Potential Investor has analysed the stats to help give a true picture of the typical UK family
The size of the British family
In the UK, the most common type of family is married or civil partner couple families, contributing 12.7 million to the 18.9 million total. Between 1996 and 2016, the number of cohabiting couple families increased from 1.5 million to 3.3 million, illustrating how attitudes to marriage and family life more generally are changing.
Overall, there were 13.9 million dependent children, showing an increase of 714,000 on 1996 figures. The majority had only one dependent child. Likewise, the number of families with three or more dependent children fell to 15% in 2017, down from 17% in 1996.
This suggests that as more people postpone having a family to focus on their career and other priorities, families are getting smaller. Though, these stats don’t take into consideration how many families have grown-up children.
The aging British family
In 2016, the ONS research found that 25% of 20-34 year olds were living with their parents, up slightly from 1996. Males are more likely to live with their parents for longer — 31% compared to 20% females.
There could be a number of reasons why it’s taking British children longer to leave home. From rising property costs to the increasing number of young people pursuing further education.
How much does the average British family cost?
With children staying at home for longer, British parents are facing increased costs to raise their family. On average, figures from the ONS suggest that the average British family spent £528.90 per week in 2016, which can add up to a hefty sum.
To help you understand how much it cost you to raise your family, True Potential Investor has created their Financing a Family interactive quiz.
All you need to do is answer a few questions to see how much each stage of a child’s life could cost you, as well as how much your family plans could set you back.
Take the quiz here and find out today.*
*(The quiz is temporarily down.)