Time to think before you act? Bringing up a child to age 21 costs an average of £232,000 in the UK.
The figure is more than two-thirds higher than 10 years ago meaning that almost a third of what most parents earn now goes towards raising just one child.
Four out of 10 parents have been cutting their spending on toys and food, but in return there has been increases in education and childcare costs. One in five parents said the increasing costs of raising a family meant they have postponed having more children.
The biggest financial burden was education, which costs on average £74,319 per child – this is a 1.3 per cent increase from last year. This did not include private school fees but did include cost of school uniforms, school trips and lunch.
The largest rise, however, was in childcare and babysitting costs – these were estimated to be £66,113 over 21 years.
Of all the areas in the UK where to rise your child, London is unsurprisingly the most expensive, followed by the South East. Wales is the least expensive, followed closely by the North East and Yorkshire & Humberside.