Cost of living 'too high to have children'

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Cost of living 'too high to have children'

The cost of raising a family is now so high that 20 per cent of people say they would consider not having children, according to NS&I.

Meanwhile 64 per cent believe that financial security is essential before starting a family, with those surveyed considering annual earnings of £25,000 being the minimum amount needed.

Women felt that at least £23,000 a year was required before making a new addition to the family, compared to men who thought £27,000 was the lowest amount needed to get by.

Daily costs were brought into consideration, with being able to provide a good standard of living was a key deciding factor for 78 per cent surveyed, while 39 per cent took being able to afford education into account.

Barry Clark, account director at the Future Foundation, which carried out the research in conjunction with the savings provider, suggested economic booms and the birth rate were linked.

He added that the organisation expects "that coming years will show more than ever that finances and families are related on both a personal and national economic scale".

For those looking to begin investing for the future, NS&I has a series of Growth Bonds and Income Bonds, which have a return of up to 4.60 per cent AER.

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