The cost of raising a child to the age of 21 has reached £222,000 as parents pay 58% more than a decade ago, with parents in the South West seeing the biggest hike in costs, according to an annual study. Families here now pay £100,077 more per child than ten years ago.
Education and childcare remain the biggest costs, with 76% of parents reporting that they have been forced to make cuts to meet the financial demands of raising their offspring, the survey for insurer LV found.
The overall figure is more than £4,000 up on last year and £82,000 more than ten years ago, when the first annual Cost of a Child Report was published.
– Mark Jones, LV Insurance
"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."