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=.
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
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.
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.