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Statistics regarding your future financial planning

By Stephanie Martindale, Pink Finance Limited, 14th May 2012

 

On average a standard funeral costs over £7000

According to a survey in 2011, bereaved families will struggle to cover all of the expenses.  More than a quarter (26%) of participants in the survey admitted they had made no plans for the practicalities of later life, while 87% had made no arrangements regarding where they will live and how they will be cared for if they are unable to look after themselves in old age.

On average it costs over £200’000 to raise a child.

From birth to college will cost £218024 to raise a child.  This report was concluded in 2012.  This includes the below costs:-

  • Education
  • Childcare and babysitting
  • Food
  • Clothing
  • Holidays
  • Hobbies & Toys
  • Leisure and Recreation
  • Pocket Money
  • Furniture
  • Personal Care
  • Other (includes first driving lessons, first car, birthday and Christmas presents)

 

In the event of death, do you have funds available to support your Childs future?

 

Are you planning to have children?  You will want to buy life insurance right away and not wait until the mum-to-be is pregnant as some companies will not issue a policy for a woman during her pregnancy.