Cost of raising a child tops £200,000
Date: 01/03/2010 / Category: School holidays and working parents
It now costs over £200,000 to raise a child and provide them with education and activities such as children's play areas and exercise for kids, it has been revealed.
Research carried out by financial services provider LV= found that the average family spends £9,610 a year on new additions to the family.
Mike Rogers, group chief executive at the organisation, commented that many parents may be surprised to learn of the potential financial burden ahead of them.
"Every parent will know how expensive it can be to raise a little one, and as parents, we know we don't begrudge a single penny of it," he added.
The study also revealed that 77 per cent of families have been forced to reign in their expenditure as a result of the difficult economic climate.
Earlier this week, research carried out by online parents' forum Netmums found that 79 per cent of families would like more information on finding the best childcare for their youngsters.
Posted by Lynne Woods
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