Raising a child ‘costs over £200,000’

Parents could be running the risk of sinking in to debt after a survey revealed that bringing up a child from birth to the age of 21 is likely to cost them in excess of £200,000.

The annual study conducted by insurance and investment group LV= on the Cost of a Child, shows this figure to have seen a four per cent rise in 12 months and a 43 per cent increase in the last seven years.

It equates to an outlay of £9,610 a year, £800 a month or £26 a day.

Mike Rogers, LV= Group chief executive commented: “I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them.”

Education and childcare proved to be the biggest strains, each costing parents in excess of £50,000.

The news comes not long after a report by the Daycare Trust found nursery care costs to be on the rise, with some pre-schools charging over £20,000 a year.

By Joe Shervin


Tell others:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.