Life insurance Updated:
New research has highlighted the financial struggles facing parents when it comes to raising their children.
Over half of parents (52%) questioned in a Santander survey said that the cost of raising a child has increased significantly in recent years, with 41% claiming that it's almost impossible to be financially prepared for a raising a child nowadays.
Sadly, one in 20 parents (5%) said they would not even have had a child if they knew how much it would cost.
The research revealed that the average family spends £537 per month raising their children, with child care and food cited as the biggest monthly expenses.
The findings also highlight the importance of making sure there are financial safeguards in place in the event of a parent falling seriously ill or in the unlikely event of death. Worryingly, one in four (26%) of parents said they have no form of life or critical illness insurance to protect their offspring in case the worst should happen.
"Understandably, death or illness is not a subject that many people want to think about, but it's worrying that so few parents have a financial contingency in place to support their children if anything should happen to them," said Richard Al-Dabbagh of Santander Insurance.
"Parents need to feel reassured that their loved ones will be OK if something happens to one or both of them."
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