The real cost of bringing up a child

by Laura Cummins | 15 October 2014

It is widely known that raising children is costly but how much are you spending on your family?

Parenting on Female First

If you have noticed the pennies are being stretched further and you are left with less disposable income each month, you are not alone.

Parents are spending a staggering £85,000 on raising a child from birth to the age of eleven, according to Busy Bee's Benefits survey.

Childcare is the most expensive cost with it accounting for 48% of the total cost of raising children, according to Halifax.

These extra costs in the early years add to the already huge pressure on parents who are readjusting back at work. Many parents say that paying for childcare is equivalent to, "paying for a second mortgage" with the average monthly cost of childcare reaches around £600.

Richard Fearon, head of Halifax Savings, said: "It is no exaggeration that having children is a huge commitment. The stark reality of how much it could cost you over the long term should not be underestimated. The initial outlay can be a burden in the first year, but childcare remains a big expense through those early years, meaning careful financial planning is essential." Below is a table from the report, stating exactly what is spent on raising a child."