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Parents shell out more than £200,000 raising a child, says LV=
8:00pm Monday 27th January 2014 in News
PARENTS spend more than £233,000 on raising a child from birth to 21 according to figures just released.
Research for insurance firm LV= shows children eat up 28 per cent of their parents’ annual income, 54% for single parents.
The UK national average is £227,266 compared to £222,458 last years. In the South-West, those costs are £233,550, up from £228,200.
Education and childcare remain the biggest costs and 71% of parents report that they have been forced to make cuts to meet the financial demands of raising their family. The overall cost of raising a child has increased by 62% since 2003.