Raising a child – from birth to age 21 – costs parents an average of £201,000, according to a new report from an insurance company. The figure has risen 43% since the study was last carried out in 2003.
Childcare, nursery fees and after-school clubs were the number one expense – totalling an average of £54,696 per child. This was followed by school and university fees (£52,881), food (£17,490), clothing (£14,035) and holidays (£13,207).
Baby and child costs
The report by LV also suggests the most expensive years for parents occur at the beginning and the end of a child’s development. Spending peaks at over £13,000 a year when children are toddlers and once again when they attend attend university between the ages of 18 and 21.
A separate study by parenting advice website Gurgle.com suggested parents (or grandparents) shell out over £600 on pushchairs and car seats alone.
Which? has independently reviewed the latest pushchairs, child car seats, high chairs, stair gates and baby monitors on the market and lists typical prices for each product. Filter your results by cost to ensure you get a good value deal on all baby equipment.