Cost of raising children at record high

Parents now spend £222,000 bringing up baby, while more dads stay at home

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The average cost of raising a child has hit an all-time high, with mums and dads now spending £222,000 on family essentials.

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The figure, which accounts for the first 21 years of a child’s life, is 58% higher than a decade ago, a rise which has been attributed to the rising cost of childcare, education and even pocket money.

76% of parents surveyed by insurer LV= admitted they had made sacrifices to meet the rising cost of having a family, with over a quarter buying less food and nearly half going without or scaling back on family holidays.

This comes as new figures released show the number of stay-at-home fathers has also hit an all-time high.

Men now comprise 10% of primary carers who stay with their children while their partner works, say the Office For National Statistics.

Job losses due to the recession, failure to find other employment and the rising cost of childcare have been mooted as explanations for the rise.

Are you or your partner a stay-at-home carer? Have you noticed the rising cost of raising children? Let us know by leaving a comment below or on our Facebook page.

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