From paying for childcare to dealing with higher household bills, it’s no secret that having children is expensive. In fact, a study by Forbes Advisor found that 27% of people have postponed having children, or decided not to have them altogether, due to the cost of living crisis.

Now, new research by Hargreaves Lansdown has revealed that the cost of having children stands at £163,175 over 18 years. This also means that couples with kids are currently spending almost £7,000 more per year than couples who do not have children.

It will come as no surprise that the burden of these costs falls most heavily on single parents. The research found that, shockingly, single parents have, on average, just £85 a month to spare after they pay their bills. Moreover, they are much less likely to have a financial safety net: just 23% of single parents reported having enough emergency savings to cover at least three months’ worth of essential expenses, compared to 63% of couples with children.

Commenting on the research, Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Having children is one of the most expensive decisions a person can make. Couples with kids spend an average of £6,969 more every year than couples without – which over 18 years, after inflation, comes to £163,175. And as a result, their financial resilience suffers across the board. For single parents, life is even tougher, and they face far lower resilience on almost every measure. It means we need all the help we can get.”

With Stylist recently reporting on how a lack of affordable childcare and increasing requirements for accessing universal credit could push single parents deeper into poverty, it’s clear that having children is becoming increasingly unaffordable, especially for parents raising children on their own. 

Images: Getty