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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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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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