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According to the results of a new study by a discount website in the UK, more than four-fifths of British parents feel as though they are able to save significantly more money per year once their child turns five, with the average parent saving just under £3,000 year after this milestone.
‘New research by a money saving website in the UK has discovered that the majority of parents feel that they are able to save significantly more money once their child has reached the age of 5, with over half of these able to use their savings to pay for family holidays abroad.’
The team at Voucher Codes Pro conducted the poll as part of ongoing research into the views of Britons on parenting and the financial costs involved. A total of 2,435 British parents took part in the survey. All respondents had at least one child between the ages of 5 and 10.
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Initially, respondents were asked to reveal whether they felt as though their household was managing to save more money each month since their child reached the age of five and started attending infant school.
The vast majority (84%) of respondents had stated that they had noticed they were able to save a substantial amount of extra money per month. When asked to reveal how much they typically save per month since their child started school, the average figure emerged as £245, equating to an annual saving of £2,940.
When asked to reveal where they noticed the most significant monetary savings being made, the most common responses emerged as ‘lessened childcare costs’ (74%), ‘lessened costs of days out/expensive social activities’ (49%) and ‘lessened grocery costs for the family’ (32%).
Following on from this, respondents who admitted to saving money since their children turned five asked to list what they had spent the money on. Researchers took the top answers and were able to compile a top five, which was revealed as follows:
- Family holiday abroad – 52%
- Better car for family – 38%
- Home improvements/DIY – 29%
- Savings for children’s future – 21%
- Paying off mortgage/debts– 13%
All parents were then asked whether they felt they still spend too much money on their children and whether they feel they could save more if they made more of an effort. 46% admitted that they still spend too much, citing ‘clothes’ (58%) and ‘toys’ (37%) as the most common items they overspend on.
Nick Swan, Founder and CEO of Voucher Codes Pro, said the following:
“It may sound cliché, but the truth is that no one can prepare you for just how much having a child will cost you in terms of financial expenses. Not only are there the items you budget for, but inevitably other unexpected charges rear their head that can leave you at quite a loose end!”
“Once your child turns five, the welcome relief of school clearly offers many parents the ability to start to save more each month, and ultimately gives them the option of indulging in such items as a holiday abroad, a new car or home improvements. With the proposed changes in the recent budget, perhaps now is the prime time to start saving for your child’s university fees!”
*Disclosure: I haven’t been paid anything to post this I just thought it was interesting*