The cost of child poverty extends beyond the physical and emotional hardship felt by children growing up in low-income families. In 2008, the total financial cost was estimated to be at least £25 billion a year. In 2023, it has risen to over £39 billion a year.
Cost of a child reaches almost £160,000 for couples, £200,000 for lone parents. 2021-2022 saw the biggest annual deterioration in living standards since 2012. The government must increase benefits with inflation at the Autumn Statement.
Secure Futures for Children and Families will ask the question: What does a social security system that provides a secure future for children and families look like? This launch paper sets out where the social security system is now and what needs to change.