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RISING COSTS
The Liverpool and Victoria Friendly Insurers reported that the
average cost of raising a child has hit £194,000 or nearly £10,000
per annum – an increase of 4% on the figure from the company a
year ago. Jessica Brown, writing in the Guardian, cites an average
household spending of £50,240 on education over the child’s
lifetime. This includes university fees.
The average cost of raising a child has hit £194,000
She urged all families with children to claim the annual £545 family
element of tax credits and highlighted that lower income families
can get up to £2085 a year.
Using the maxim of “every little helps” she suggests building up a
university fund from an early age using the government initiated
Trust Fund Programme as a starting point.
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