Most parents know that bringing up a family can be financially draining - regardless of where you live.
And now, figures reveal that raising your little ones to the age of 21 can cost up to an astonishing quarter of a million pounds.
Yes, parents in London shell out an estimated £253,638 for each offspring – about the same price of a luxury sports car such as a Ferrari Spider. Alternatively, the same amount could currently purchase you your very own tropical island paradise near Tonga in the South Pacific.
Families in Yorkshire, however, do make some savings for living outside of the capital: they part with a comparatively more affordable £214,559.
Overall, the average cost of raising a child in the UK stands at £231,843.
Unsurprisingly, the same survey – carried out by insurance company Liverpool Victoria, reveals that education along with childcare costs are the most taxing on a parent’s bank balance – costing £74,430 and £70,466 respectively.
And obviously, families opting to send their kids to private school can expect to add tens of thousands to that final tally.
Interestingly, the research shows that children are cheapest to raise during their first year in the world, while years one to four prove to be the most expensive.
Do these statistics accurately reflect your experience of raising a child in the UK?
