Most affordable countries to raise a family unveiled | Personal Finances | Finance
The total annual cost of living here is £ 53,280, with an average annual rent of £ 12,558 and the average cost of living for a family of four of £ 27,264. The study looked at various factors in 63 of the world’s most developed countries.
Such as the cost of living in a bigger house, shopping and other living expenses, as well as the cost of an education.
By combining data on the costs of these factors from around the world, PoundTory was able to estimate the annual cost of raising a young family in 63 of the world’s most developed countries.
Therefore, they were able to use this data to determine where it is most affordable to raise a family and where it is most expensive.
Turkey is by far the most affordable country to raise a family with annual costs of just over £ 15,000.
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The nation that straddles Europe and Asia has the lowest cost of living of any country, at just over £ 10,800 per year, as well as the cheapest average house rental price of 2 £ 149 per year.
The second cheapest developed country to raise a family is Georgia, where costs total just over £ 17,000 each year.
It is actually much cheaper to send a child to kindergarten in Georgia than in Turkey, with annual costs of just under £ 1,000.
Although the rental costs are almost twice as high.
The homeland of superyachts, models and superstars is now also the homeland of super prizes in child care. The Principality of Monaco is one of the smallest nations in the world, but also one of the richest.
The average cost of raising a family is estimated at over £ 200,000, making it by far the most expensive country.
The second most expensive country to raise a family is Alpine Switzerland. Swiss families will have to pay almost £ 100,000 a year on average.
One of the main reasons for this is that Switzerland is the most expensive country in the world to send a young child to kindergarten or nursery.
Luxembourg is the third most expensive country to raise a family. Each year that would cost over £ 82,000.
The International Monetary Fund estimates that Luxembourgers are on average the richest people on the planet, with the highest GDP per capita of any country.