Parents, you may want to brace yourselves for what you are about to read.

 

New research has revealed that parents in the UK face bills of nearly a quarter of a million pounds to raise one child to the age of 21.

 

The study, carried out by the Centre of Economic and Business Research for insurer Liverpool Victoria, reports that the basic cost of raising a child in the UK has increased by a staggering 63 percent since 2003, surging to £229,251.

 

Researchers have cited the rise in childcare fees and education-related expenses as the main cause for such a high increase.

 

Interestingly, the study showed that this figure is despite major cutbacks in the purchase of toys and even food.

 

In another rather alarming statistic thrown up by the research, almost half of the mothers who participated in the study admitted to having to take on extra shifts or go back to work earlier than they wished due to the rising cost in raising children today.

 

 

Myles Rix of Liverpool Victoria commented: “Having children has never been more expensive and, with costs such as childcare and education continuing to rise, for many families across the UK, this is set to remain a pressure point.”

 

This is an alarming piece of research, with the impact of the major services and those hidden costs really taking their toll. 

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