Raising a child 'costs £222,000'

Parents are paying nearly two thirds more than they were a decade ago to raise their children. The cost has risen to £222,000 to raise a child until the age of 21, according to a survey for insurer LV=.

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London is the most expensive place to raise a child in the UK

London is still the most expensive place to raise a child to the age of 21, costing a parent more than £239,000.

For the past decade, London has been the most expensive place to raise a child in the UK Credit: Stefan Rousseau/PA Wire

The South East of England is the second most expensive, followed by the East of England.

The South West has seen the biggest rise in childcare costs, with parents paying over £100,000 more than they were ten years ago.

'Cost of living is pushing parents' finances to the limit'

More than 2,000 adults were surveyed about the cost of childcare, with figures showing that costs of raising a child to the age of 21 are now at a ten year high.

The cost of raising a child continues to soar and is now at a ten-year high. Everyone wants the best for their children but the rising cost of living is pushing parents' finances to the limit.

There seems to be no sign of this trend reversing. If the costs associated with bringing up children continue to rise at the same pace, parents could face a bill of over £350,000 in ten years' time.

– Mark Jones, LV= spokesman

Two thirds of parents forced to make cutbacks

Childcare costs have risen by two thirds since 2003, when the first annual Cost of a Child Report was published, survey for insurer LV= has found.

  • 76% of parents said they have been forced to make cutbacks to meet the financial demands of raising a child, more than a quarter are cutting back on food, and over half of them are using vouchers and discount codes
  • Parents spend an average of £19,270 on food and £16,195 on holidays per child
  • Costs have risen in all areas of expenditure apart from clothing, which has seen a 5 per cent drop since 2003

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£222,000 to raise a child to the age of 21

The cost of raising a child has risen by two thirds in the past decade.

According to an annual study, it costs £222,000 to raise a child to the age of 21, over £80,000 more than it did ten years ago.

Childcare costs have risen by £4,000 since last year alone Credit: PA

The biggest costs for parents are education and childcare, buying school uniforms, spending money on after school clubs, and university fees, the cost of which has risen from more than £32,000 to over £72,000 in the last ten years.

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