Cost Of Raising A Child Soars To £222,000

Cost Of Raising A Child Soars To £222,000

The cost of raising a child from birth until their 21st birthday has rocketed to £222,000, according to a study.

The overall figure is more than £4,000 up on last year and £82,000 more than a decade ago - an increase of 58%.

The most expensive areas to raise children over the past decade remain London (£239,123), the South East (£237,233) and the East of England (£233,363).

Families in the South West have seen the biggest hike in costs, now paying £10,077 more per child than they were 10 years ago.

Education and childcare remain the biggest costs, with 76% of parents forced to make cutbacks to meet the financial demands of raising their offspring, the survey for insurer LV= found.

The cost of education, including uniforms, after-school clubs and university costs has rocketed from £32,593 to £72,832 per child in the last decade - a 124% rise. This does not include private school fees.

Childcare costs alone have risen by 61% from £9,613 in 2003 to £6,738.

From birth to the age of 21, parents spend an average of £19,270 on food and £16,195 on holidays per child.

Of the 2,013 mums and dads that took part in the poll, some reported feeling under pressure to keep up with the latest technological advances, even for children as young as three years old.

More than a quarter of parents (27%) had bought their child an electronic gadget in the last 12 months, with 16% buying a laptop or tablet computer.

On average, they revealed they spent around £302 on gadgets for their children.

The survey found costs have risen in all areas of expenditure apart from clothing, which has seen a 5% drop since 2003.

LV= spokesman Mark Jones said: "The cost of raising a child continues to soar and is now at a 10-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 10 years' time."