DadTalk

Cost of raising a child soars by 55% in nine years

Children are priceless to parents but the cost of raising them has rocketed by 55% in the last nine years, a report reveals today. From the minute they are born to the time they leave home, mums and dads will have shelled out up to £218,000 to feed, clothe and educate them compared with £140,398 in 2003.

The cradle to college study by insurance giant LV= found one kid costs £28.44 a day or £10,382 a year with childcare and schooling the most expensive racking up a total of £133,879.

It costs 120% more today to educate a child to the age of 21 compared with 2003 while the cost of childcare has soared by 57% over the same period.

While the basics like food and clothes also take a chunk of cash, sports clubs and hobbies burn a £9,248 hole in parents’ pockets along with days out which run to more than £7,000 and handouts worth almost £4,500.

According to the Cost of a Child Report 2012, the north east is the cheapest area to bring up kids with a bill of £202,383 while the suburbs outside London are the dearest at £239,535.

Cash strapped parents looking to save money last year, cut back on the number of activities their children sign up for with a 5% drop in the amount splashed out on extra fun from football training to dance lessons, toys, cinema and swimming.

And compared with 2011, mums and dads are paying 3.3% more today to raise a child to the university leaving age of 21.

The study of more than 2,000 parents found 67% plan to save cash by switching to budget brands for their weekly shop and 18% will slash pocket money.

And savings pots have been hammered with 43% admitting they are putting less aside for a rainy day and 22% have axed or downsized insurance policies as budgets are squeezed.

The report found the first five years of a child’s life are the most expensive totalling £66,823 along with the college years which cost £52,753.

Ages five to ten are the cheapest with a bill of £46,073.

Despite the rising cost of university fees, almost half of parents hope their children will still go but a fifth said the hike in tuition meant plans for higher education have been shelved.

One in ten parents said they will cut back on holidays and treats to save for their child’s place at university and 15% hoped their child will stump up some of the costs.

Read more at the Mirror website .