More than £200,000 to bring up a child

THE cost of raising a child has risen by four per cent in the last year although Yorkshire remains the cheapest region in the country to bring up a youngster, a survey reveals today.

The average national cost is more than 200,000 for the first time, according to analysis by the insurance and investment group LV=.

Three in four parents report cutting back on spending owing to the economic downturn but costs of raising a child from birth to the age of 21 still rose by four per cent during 2009.

Hide Ad
Hide Ad

The 201,000 total, including 9,152 in the first year alone, shows childcare involving nursery fees, after-school clubs and holiday clubs remains the biggest expenditure at 54,696.

This is more than the cost of an education, which is in second place at 52,881. The figures put food at 17,490, clothing at 14,035 and holidays at 13,207.

Costs peak during the university years (13,677 a year) but parents of toddlers are likely to find themselves paying out about 13,014 each year.

Parents in outer London pay the most to raise a child, spending an average 220,769, while Yorkshire is the cheapest area at 177,706.

Hide Ad
Hide Ad

The amount of pocket money a child receives crept up by almost five per cent to 4,338, having fallen from 5,469 in 2007.

The study found that 13 per cent of parents had been specifically asked for less pocket money by their children over the past year.

Just over one in three parents had regularly reduced their savings to make finances go further.

LV= Group chief executive Mike Rogers said: "Every parent will know how expensive it can be to raise a little one and, as parents, we know we don't begrudge a single penny of it. But I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them."

Related topics: