Parents spend £10,000 a year on family

19 September 2006
The average cost of supporting a family in the UK is approaching £10,000 a year, according to the findings of engage Mutual Assurance

The specialist family financial organisation suggests that the average breadwinner in each UK household spends £9,648 each year in order to support their children and their spouse.

This total equates to 39 per cent of the leading earner's personal spending money and also represents just over one-tenth of the amount that is spent on the family compared with on them.

Karl Elliot, spokesperson for engage Mutual Assurance, commented: "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."

Mr Elliot espoused savings accounts as a good way to spread the cost of raising a family over a longer period of time.

"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."

To read more about savings accounts, click here.

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