Financial help from the UK Government

A common symptom of fatherhood is the regular flashing of pound signs in front of your eyes. Children don’t come cheap – but the good news is, you will get some help from the Government. Here's what they offer...

Child Benefit

Regardless of parental earnings, every child receives Child Benefit until the age of 16 (or older, if they’re still studying for A-levels or equivalent, or in an approved training programme).

You’ll get £18.10 per week for your eldest child and £12.10 per week for each subsequent one, paid four-weekly into a bank or building society account or as a cheque to cash at the Post Office. Child Benefit can be paid to either parent or into a joint account, but if you live separately it is normally claimed by the resident parent.

• Child Benefit   

Child Trust Fund

To help you save for your child’s future, the Government will also pay £250 (or £500 if you get Child Tax Credit – see below) into a Child Trust Fund - a long-term tax-free savings and investment account your child will be able to access when they reach 18. You, your family and friends can add up to £1,200 to the account each year.

• Child Trust Funds

Tax Credits

Depending on your circumstances, being a parent may also boost your finances thanks to Child Tax Credit and Working Tax Credit - allowances which can reduce your annual tax bill if you work and have children. Factors that affect how much these credits could give you include the number of children you have; whether they have disabilities, whether or not you and the child’s mother live together, the hours you each work, and your incomes.

• Child Tax Credit

• Working Tax Credit

Author

Jeremy Davies is a health and social policy journalist/researcher. He writes for the Fatherhood Institute and a variety of national newspapers, magazines and websites, and teaches at the University of Manchester. He has one son.

Your thoughts?

Does the UK Government support parents adequately? Has the help they offer really helped you, or is it too little to matter? Use our comments system below to share your thoughts with others.