Posted on: 07-06-2019 in Financial Planning
It’s no secret that having children is expensive but you might not realise just how expensive.
Whether it’s supporting a child through university or helping them on to the property ladder, the cost to parents after the age of 18 could be as much as £85,000 – But what about the years leading up to adulthood?
Research by Child Poverty Action Group revealed that the basic cost of raising a child until the age of 18 stands at just over £75,000 for a couple.
This figure didn’t account for childcare and other costs. Factoring in all expenses at the national average, NatWest found that the actual figure could be a little over £192,000 – that’s around £890 per month.
Figure 1 – A breakdown of costs using the NatWest calculator
Unlike the UK, schools in the Middle East charge yearly fees. Expats may have school fees included in their relocation package, but expecting parents already working abroad may not be so lucky.
Rent and school fees are considered the two biggest expenses for expats living in the UAE. The cost of education varies depending on location and the fees can be substantial.
Figure 2 Figures account for all curriculums, not just those teaching the British curriculum
Schools in the UAE teach a wide range of curriculums. For expats wanting to know about fees for schools teaching the British curriculum, check out our interactive map.
Managing your finances as a new parent has never been so important and our industry experts can help guide you through the best way to do this. If you would like to get in touch, please contact us using the form below.
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