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Last Updated: Friday, 10 November 2006, 06:33 GMT
Raising a child 'costs 180,137'
baby
Babies may be cute, but they are certainly expensive
The cost of bringing up a child from birth to their 21st birthday has jumped to 180,137, a study suggests.

In the last year alone, the cost of raising offspring has risen by 9%, said research from financial services provider Liverpool Victoria.

It now estimates that a child costs its parents 23.50 per day.

Childcare and education are said to be the most expensive factors, costing parents an average 49,092 and 46,778 per child respectively.

Education costs are said to have risen 26% since last year, helping to put up the expense of raising a child by a rate outstripping inflation almost four times.

Money from grandparents

The report concludes that the high cost of starting a family has increased the cultural shift away from households having just one working parent.

Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work
Liverpool Victoria's Nigel Snell

If found that today both parents have to work to cover the cost of bringing up children in two-thirds of families.

A further 12% of working parents said they need to rely upon grandparents or other family members for regular financial support to help meet the costs of bringing up their children.

"Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work," said Liverpool Victoria's communications director Nigel Snell.


SEE ALSO
Thirties 'peak time for babies'
16 Dec 05 |  Health
Raising a child 'costs 166,000'
25 Nov 05 |  Business

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