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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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'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

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