The figure equates to £800 a month and is a shocking reminder to parents of the monetary burden of providing for a kid until the age of 21.
The costs have elevated 4 per cent to £201,000 because final year and are 43 per cent greater than in 2003 when the annual survey was very first carried out by insurer.
Mike Rogers, stated: “Every parent will know how costly it can be to increase just a little one, and as mother and father, we know we don’t begrudge a single penny of it. But I suspect numerous new and prospective mums and dads will probably be a little shocked to see the possible financial burden ahead of them.”
Childcare costs remain the greatest drain on family finances, reaching more than £54,000 for any child among aged six months and 16 years old.
The figure includes nursery fees, school clubs and holiday clubs, and is £1,000 greater than last year and up a lot more than £20,000 since 2003.
Education expenses have also risen to nearly £53,000, but this only covers expenses such as lunches, sports kits and transport and excludes school fees.
Adrian Lowcock, of independent financial advisers Bestinvest, stated: “It is even a lot more important that families make arrangements now to save for the future, especially as the cost continues to rise even while the economy remains weak.”
The cost of raising a kid peaks during university years when mother and father confront paying out nearly £14,000 a year.
Parents can reduce their costs by moving, according towards the survey. Those living in London face the biggest price in raising a child at £220,000 compared towards the cheapest location in Yorkshire and Humberside wherever expenses are £177,700.
It comes right after separate investigation revealed last week that a third of mother and father are remortgaging their home to raise the £30,000 typically needed to help support their grown up children.
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