Bringing up a child in Britain can cost £800 per month, according to a recent report. This means it costs a staggering £200,000 to bring up one child from birth to the age of 21.
The report proves that Britain is a hugely expensive place to bring up a child.
Nursery places in particular contribute to the high costs, ranging from £30 to £80 per day. The charity who commissioned the report, the Family and Parenting Institute, believe the costs have risen by 5.1% in the last year alone.
The report will be presented at a Westminster conference tomorrow. It goes on to show that grandparents are now taking on more of the childcare to relieve parents of some of the financial burden.
The charity also criticises the maternity and paternity pay in Britain today. The current government's decision to remove child trust funds, cut child tax credits and freeze child benefits is a major worry for many parents.
The report estimated that around 2.8 million children are currently living in poverty.
Dr Rake, the Family and Parenting Institute's chief executive said: "Our new Prime Minister, David Cameron, has pledged to make Britain a truly family friendly country.
"This is a laudable ambition. But as the report card shows, there is a considerable distance to go before this can be achieved."
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Source: Daily Mail