The cost of bringing up a child from birth to their 21st birthday has jumped to £180,137, a study suggests.
Babies may be cute, but they are certainly expensive
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.
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.