As local government gets ready for the hard road ahead, our latest Perils of Perception research shows just how wrong most residents are about both personal and public finances. In particular, it's the cost of the big life events, such as having children, retiring and social care that we underestimate. This has implications for local services as well as the wellbeing of the general population. We massively underestimate the cost of raising a family. The average guess is that it costs £50,000 to raise a child to the age of 21 - when the actual figure has been calculated at £229,000. This misperception isn't the result of inexperience - the average guess among those living with children is only £40,000.
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