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| Raising a child 'costs £180,137' | |
| (about 4 hours later) | |
| 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. | 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. | Childcare and education are said to be the most expensive factors, costing parents an average £49,092 and £46,778 per child respectively. |
| Both these 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. | Both these 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 | 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. | 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 | 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. | 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. | 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. | "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. |