New research has found that the cost of raising a child for a couple is £166,000. For a lone parent it’s £220,000.
The Covid pandemic, the cost of living crisis and benefit cuts have left the average working family (two parents who both work full-time, have two children and earn the living wage) £51 per week short of what the researchers call a ‘decent standard of living.’
For for families where one parent works full time and the other works part time, this is £89 per week.
For a full-time working lone parent the gap is £125 per week; for lone parents working part-time the gap is £161.