Every day in Lincolnshire there are 21 babies born so its fair to say that the Lincolnshire has babies on the brain!
According to a recent report by LV, new parents can expect to pay £6000 for the first year of a child’s life, however, what’s not talked about is the cost of a child to surrounding family and friends.
A new report by thortful.com has discovered the true cost of a baby by revealing the cost of a baby to the friends of the parents.
The data reveals that in Lincolnshire alone parents are spending collectively £9,296,370.00 a year!
This is as the average friend of a parent is spending £1242
Your friend’s baby is costing you £1,242
The study of 1000 respondents revealed that every time your friends ‘put one in the oven’ you can be expected to foot some of the bill.
The first year of a child’s life will cost on average at £288 this is as friends are expected to pay for the following gifts and activities:
To add insult to injury the ‘little bundle of joy’ will continue to cost you for the next 10 years. The research showed that respondents who regularly see and attend life events of a close friend’s child purchase gifts (Christmas, Birthdays ect.) for the first 10 years of the child’s life. The average price spent on those gifts are:
- £29 on Easter presents
- £40 on Christmas presents
- £37 on Birthday presents
This means you can expect to pay an extra £106 per year.