Cost of raising child rises, says study
Research says the cost of raising a child has increased
By Nicole Hamer |16:14 19 August 2013
A study says that the cost of raising a child has risen. The research for CPAG (Child Poverty Action Group) charity says that the cost of raising a child has increased to £148,000.
This relates to raising a child until the age of 18 years old.
The study, which was also by Joseph Rowntree Foundation as well as CPAG, has said that the costs have increased by 4per cent in the last 12 months.
The government has stated that it was assisting families as it was cutting income tax for many millions of citizens. This relates to 25million individuals.
It is understood that average earnings increased by 1.5per cent, the minimum wage went up by 1.8per cent and that there was no increase in regards to child benefit.
For many families the cost of living increased. It was said that child care cost for those who require it increased by 5.9per cent.
Chief Executive of the CPAG Alison Garnham said: “This research paints a stark picture of families being squeezed by rising prices and stagnant wages, yet receiving ever-diminishing support from the government over the course of the last year.”
Ms. Garnham commented on child benefit and child tax credit having been “cut at the very time families need them most”.
Many families with low-income have been confronted with certain housing benefit cuts due to certain changes introduced. It is the requirement that many non-working families pay council tax.
The government has said it has to cut the welfare bill to lessen the burden on the tax payer. And to address the system so it pays to go out to work. A spokesperson for the government said: “We know times are tough, and we are securing a recovery for everyone who wants to work hard.”
Adding: “That is why we are taking action to help families with the cost of living by cutting income tax for 25 million people, which will save a typical taxpayer over £700, taking 2.7 million out of income tax altogether and freezing council tax for five years, saving a typical household £600.”