It costs on average £166,000 to raise a child from birth until age 21, according to Liverpool Victoria friendly society.
The cost of bringing up a child is rising sharply
The total cost, equivalent to £22 a day, has increased by 8% during the past year, the group said.
Overall, the cost of bringing up a child is only marginally below the price of an average house.
Childcare was the biggest expense, costing parents on average £46,000 per child.
This is the third year that Liverpool Victoria has calculated the costs of bringing up a child.
Each year the group has found costs rising far faster than both prices and wages.
This can be partly attributed to the rising costs of education.
Education is a major expense, with parents spending £37,142 on average.
Most of this expense occurs when the child goes to university. On average putting a child through university costs parents £25,572.
Unsurprisingly, the group found that London was the costliest place to bring up a child, with parents forking out £176,449 on average.
At the other end of the scale, the West Midlands and Scotland were the cheapest places to bring up children.