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Bank charges: Adults spend £222,000 on raising a child

Children are not a cheap endeavour for couples, with latest reports suggesting the cost of raising just one has reached a ten-year high of £220,458.

LV='s Cost of a Child Report found that the expense has grown 58 per cent in the last decade, meaning parents are forking out an extra £82,000 on their kid.

People who are considering trying for a child should take a long look at their financial situation and establish whether or not they can afford to, as it can impact on being able to afford other outgoings, such as bank charges.

Education and childcare are the most expensive factors. Paying for university, uniforms and school clubs costs £72,832 per child, a 124 per cent increase in ten years, while childcare has grown by 61 per cent to £63,738.

The only expenditure that has fallen in price since 2003 is clothing, which parents spend £10,770 on. This is 5.2 per cent lower than the £11,360 recorded in 2003.

"Everyone wants the best for their children, but the rising cost of living is pushing parent's finances to the limit. There seems to be no sign of this trend reversing," said Mark Jones, LV= head of protection.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801527728-ADNFCR

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