Children cost £180,000
Friday, 10 November 2006 12:00
The cost of raising a child has gone up nine per cent since last year to reach £180,000, rising faster than the country's soaring property prices, new research shows.
The study, by Liverpool Victoria, reveals the cost of being a parent has risen 28 per cent over the last four years.
The growing expense means 61 per cent of parents are both working in order to cover the costs of raising children.
And the fastest growing expense is education - the study finds the cost of education has risen 26 per cent since 2005, reaching a huge £47,000 per child.
Nigel Snell, Liverpool Victoria's communications director, commented: "With the costs of raising a child in the UK having increased nine per cent over the past 12 months alone, parents need to be more switched on about their family finances than ever before.
"Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work. The earlier would-be-parents start thinking about the costs associated with bringing up a child, the sooner they can start saving to meet the expense."
Parents bringing up their children in London are paying out the most to raise the kids, spending over £13,000 more than the national average.
The cost of raising children in the south-east was also above the national average, with parents shelling out £185,923.
Wales is the cheapest place to raise children according to the study, costing £172,632 per family. The East Midlands and the north-east are also better value places to be a parent, with the cost of raising children £174,906 and £176,868 respectively.
The cost of raising a child
Childcare - £49,092
Education - £46,778
Food - £16,002
Clothing - £12,352
Holidays - £11,086
Hobbies & Toys - £ 9,592
Babysitting - £9,232
Leisure and Recreation - £6,896
Pocket money - £5,518
Furniture - £2,201
Other - £11,388
Total - £180,137
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