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Costs of raising a child increase

The cost of raising a child has risen by around £2,000 over the last year.

 

Parents will now find themselves spending around £230,000 bringing up a child to the age of 21.

The figures from the think-tank the Centre of Economic Business Research, were compiled on behalf of insurer LV=.

They found the cost has increased by 63 per cent since 2003, when the index was first calculated.

It means the price of having children has risen 50 per cent faster than inflation over that period.

Myles Rix, managing director of protection at LV= said: “Having children has never been more expensive.”

He added: “With costs such as childcare and education continuing to rise, for many families across the UK this is set to remain a pressure point.”

The study also found that parents spend an average of £74,319 on education throughout their child’s upbringing.

That includes costs such as uniforms, school lunches and university fees.

Commenting on the report, Fiona Weir, chief executive of charity Gingerbread, said single parents were “at the thin end of the wedge”.

She added: “This research underlines the urgent need to bring forward much-needed support with childcare costs.

“Ensuring in- and out-of-work benefits keep pace with the cost of essentials would also help families struggling to make ends meet.”

The report also said, that one in 10 parents were postponing having any more children because of financial concerns.

With mums and dads finding it harder to make ends meet, many families are looking at ways to cut down on the amount they spend and tighten up their budget.

Earlier this month, a survey by 4Children found that one in five UK parents with childcare costs will reduce the hours they work or consider giving up work altogether in 2015.

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