Six figure cost of raising a child

The average cost to parents in the UK of raising their children to the age of 21 is well into six figures, new research has revealed.

A study by Liverpool Victoria (LV=) discovered that mums and dads are spending £186,000 on bringing up their offspring.

Furthermore, this cost has risen by 33 per cent in the last five years and is expected to increase by 42 per cent by 2012, making a total of £265,500.

LV=’s communications director, Nigel Snell, commented: "This means parents will need to be switched on about their family finances more than ever, even though they have always known that raising a child is costly.

"With UK debt figures rising we would recommend starting financial planning as early as possible to help meet the various costs associated with raising a child."

Central London was found to be the most expensive place to have a child.