News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011
• May 2011
• April 2011
• March 2011

Newsletter

Raising children costs £200,000

By Sarah Engle, Tue 23 Feb 2010 - Published in Banking

The cost of raising a child from birth to the age of 21 has exceeded £200,000, new figures have shown.

A study by insurance and investment group LV= found that the cost of bringing up a child has increased by four per cent on last January and by 43 per cent over the last seven years, now standing at £201,000.

The organisation pointed out that this equals £9,610 every year, £800 a month or £26 a day.

Furthermore, the research revealed that childcare and education are the biggest expenses when raising a child, accounting for £54,696 and £52,881 respectively.

Mike Rogers, LV= Group chief executive, commented: "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."

Earlier this month, research from Halifax discovered that nine per cent of kids have a part-time job, with the average paying just over £932 a year.