Cost of Raising A Child Soars

The cost of raising a child from birth to the age of 21 has soared and for the first time has risen above the £200,000 mark.

Insurance and Investment Group LV has conducted the survey which has shown that since the first survey in 2003, the cost to bring up a child has jumped by 43%. This is despite the economic downturn and the fact that most parents are cutting back on spending.

Childcare was seen as the biggest drain on resources with nursery fees, after-school clubs and holiday child care coming in at £54,696.

Education was the second biggest expenditure coming in just under childcare at £52,881.

Food, clothing and holidays were next costing £17,490, £14,035 and £13,207 respectively.

Costs were highest during the university ages of 18 to 21 with expenditure hitting £13,677 a year although parents of toddlers are likely to pay just as much at around £13,014 per year.

Fife Gingerbread's manager, Rhona Cunningham said: "Although it comes as no surprise that raising a child is very expensive, these figures highlight the financial difficulty that comes with raising children. If you are a lone parent, the entire cost of having children can lay solely on your shoulders. If you have more than one child you can find that you are severely financially strained while aiming to give your children the best upbringing you possibly can. With the latest figures showing that working single parents on average receive 15% less per hour than their married counterpart, this just shoes how easy it is for lone parents and their children to fall into poverty."