The average cost of raising a child from birth until their 21st birthday in Britain has hit an all-time high to £222,000, a new survey said Thursday.
The overall figure is up more than £4,000 on last year and shows parents are now paying 58%or £82,000 more than they would have in 2003, according to figures from the LV= insurance group.
Education and childcare remain the biggest expenditure, with 76% of those questioned admitting they have been forced to make cutbacks over the past 12 months .
The survey found costs have risen in all areas apart from clothing, which has fallen by 5% since 2003.
London remains the most expensive area to raise a child ( £239,123) while the North East is the cheapest ( £206,495).
The cost of education — including uniforms and university tuition fees but not private school fees — has soared by 124% to £72,832.
More than 2,013 parents took part in the survey, and 27% admitted buying their child an expensive electronic gadget over the last 12 months.
The average amount they spent on these gadgets was £302.
The survey found costs have risen in all areas of expenditure apart from clothing, which has seen a 5% drop since 2003.
LV= spokesman Mark Jones said: “The cost of raising a child continues to soar and is now at a 10-year high. Everyone wants the best for their children but the rising cost of living is pushing parents’ finances to the limit.
“If the costs associated with bringing up children continue to rise at the same pace, parents could face a bill of over £350,000 in 10 years’ time.?
Cost of raising a child soars to £222,000
