Cost of raising child up 58pc in 10 years, to £222,000

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

The overall figure is more than £4,000 up on last year and £82,000 more than 10 years ago, when the first annual Cost of a Child Report was published.

The cost of education, including uniforms, after-school clubs and university, but not private school fees, has gone up from £32,593 to £72,832 per child in 10 years.

Childcare costs have increased by 61 per cent from £39,613 in 2003 to £63,738 today. From birth to 21, parents spend £19,270 on food and £16,195 on holidays per child.

Parents 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 (27 per cent) had bought their child an electronic gadget in the last 12 months, with 16 per cent buying a laptop or tablet computer.

Figures were compiled by Centre for Economics and Business Research in December. Opinium surveyed 2,013 UK adults.