Child will you cost £218,000

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The typical cost of raising a child to the age of 21 has risen to £218,000, with education, childcare and food making the biggest dents in parents’ budgets.

Parents spend around £10,382 a year, £865 a month and £28.44 a day on their child’s upbringing, insurer and retirement specialist LV= said in its Cost of a Child study. Families are unlikely to see the pressure ease.

The overall bill has increased by 55 per cent, from £140,000 since the report was first published in 2003, and the latest figure is also a 3.3 per cent rise on last year’s total of £211,113.