Cost of raising a child jumps to £220,000

Julian Harris
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THE COST of raising a child has soared 58 per cent in the last 10 years, pushed up by the price of childcare and education.

Figures released this morning estimate that raising a child until the age of 21 leaves a £222,458 hole in parents’ pockets, on average across the UK.

Insurance firm LV=, which compiled the figures, reports that childcare costs have shot up 60.9 per cent to an average of £63,738 for each child.

And outgoings on education, which include school uniforms and university costs, now average £72,832 per child – an eye-watering 123.5 per cent higher than in 2003.

The data refers to the 21 year period ending December 2012.

It also revealed stark gaps in the cost of raising offspring in various parts of the country.

In London the average cost of raising a child is £239,123, yet in the north east of England it is considerably lower, at £206,495.

“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 ten years’ time,” warned Mark Jones, head of protection at LV=.