Cost of a child? £166,000
Parents know raising children is an expensive business, but few are likely to be unaware it costs as much as £166,000 - according to a new survey.
The London Victoria annual Cost of a Child survey found childcare and education are the most expensive aspects of raising a child to the age of 21, and can cost up to £46,000 and £37,000 respectively.
Liverpool Victoria’s group marketing director, Ian Cordwell, said: "It is no secret that Britain has a high cost of living, and the cost of raising a child to 21 underlines this point.
"Education alone can be a substantial expenditure, and we would encourage all parents-to-be to think through carefully the amount they need to save for raising a family."
The cost of raising a child is eight per cent higher than it was last year, says the society, and London is still the most expensive place to bring up your little one.
The 'cheapest' place in the UK to raise a child is the West Midlands where parents can expect to shell out £159,298, followed by Scotland where parents can expect to spend £159,955.
However, London Victoria says parents should take care of their own financial future as well.
"Saving for yourself and your own future needs to be balanced with the financial demands of bringing up a child, once the little bundles of joy have entered the world," said Mr Cordwell. 
© Adfero Ltd
