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First-time parents spend £492 million preparing for baby

mum kissing baby
First-time parents spend £492 million preparing for baby

First-time UK parents spend more than £492 million each year, preparing for the arrival of their first baby, according to research from life insurance provider Aviva.

This equates to £1,619 per family and shows a 17% increase to the £1,389 total in March 2012.

The new Aviva study of 2,000 recent parents, found that this is the average amount spent on baby essentials such as prams, baby clothes, cots, car seats and nappies, as well as other nice-to-haves like nursing chairs and mum-to-be treats.

However, six out of ten parents admit that with hindsight, they had bought things that they either didn’t use or could have done without. The most common ‘unnecessary’ items were revealed as mum-to-be toiletries (14%), Moses baskets (13%) and baby slings (12%).

In addition, more than a quarter of expectant/new parents (27%) said they bought or changed their car, with an average spend of £5,298 (up from £2,658 in 2012). A further one in five (20%) moved to a bigger house, with the majority forking out around £40,000 in the process, but with one in seven movers spending more than £150,000 to upsize.

However, the study also showed a worrying proportion of new parents could be risking their children’s financial futures by skimping on life cover, with just one in five saying they’d taken out life insurance or reviewed their protection needs at this time. New parents were twice as likely to start a savings account for their new arrival, with two out of five (38%) saying they’d taken this step.

New parents are shown to be rightfully vigilant at protecting their children against risks within the home. A third (33%) of new parents install life-saving smoke alarms and over a quarter (31%) fit carbon monoxide monitors. Stair gates are a must-have for over half of new parents (53%), and four in 10 fit safety catches on kitchen cupboards.

Aviva research, conducted by One Poll, was conducted among 2,000 parents with children under five in April 2014. The figure of £492 million is derived by calculating the number of babies born to UK first-time parents in 2012, and multiplying by the average amount spent per baby as detailed above. ONS data shows that 812,900 babies were born in the UK in 2012 and 37.4% were to first-time parents. Using this data, this equates to 304,025 babies born to UK first-time parents.

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25th April 2014, 21:32
Page updated 5th Oct 2015, 13:25
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