Families cost ‘£10k a year’

The Engage Mutual Assurance figures show that having a family is pushing many into debt as they struggle to pay education costs, clothing and other needs.

“Meeting the changing needs of modern families means making major financial sacrifices which affect lifestyle expectations and often leave the breadwinner with just half of their monthly income,” said Karl Elliot, spokesman for the firm.

Reports of the cost of raising a family follows news that an increasing amount of young people are depending on their parents to bankroll their lifestyle, increasing the amount of time workers can expect to pay for children.

With Engage finding that average worker spends £804 per month on families but only £85 per month on themselves, only sound financial planning can avoid massive debts, the firm said.

“We can’t stress enough the importance of planning well in advance for the future by saving little and often as early as possible – particularly when the costs associated with dependents of all ages are considered,” added Mr Elliot.