24/02/2010 09:51 GMT | Updated 22/05/2015 10:12 BST

Cost Of Raising A Child Reaches £200,000

The average cost of bringing up a child until they are 21 has reached £200,000 for the first time, it has been reported.

Apparently parents are spending an average of £9,610 a year on each of their children.

That includes food, clothing and educatiion but does not include private school fees.

The annual report from the UK's largest friendly society, LV=, shows that even state education can cost thousands for uniforms, sports equipment and school trips.

The cost of raising a child has increased by 4 in the last seven years.

Parents in outer London are hardest hit, spending an average of £220,769 on each child, while Yorkshire and Humber is the cheapest area, with parents spending £177,706 on each child.

Childcare costs are the biggest problem, adding up to as much as £54,696 for one child between the ages of six months and 16.

Mike Rogers, group chief executive of LV=, told the Guardian: "Every parent will know how expensive it can be to raise a little one, and as parents, we know we don't begrudge a single penny of it.

"But I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them."

Well yes. If prospective parents actually sat down and looked at how much their children are going to cost them, compared to their income, they'd never do it.

However parents are cutting back due to the recession, with more than three-quarters saying they have been spending less.

Many parents are taking their kids on fewer holidays and days out, and almost half have reduced their spending on clothes.

The research shows that the most expensive time is when children go to university, when parents spend an average of £13,677.

But that includes the cost of a first car. Well, my kids can take the bus. That's a saving right there.

In fact, if you look at these figures, it's probably not necessary to spend half of this money.

You've got to remember the "average" figure will be boosted by those nutjobs and multi-millionaires who spend ridiculous amounts of money on their kids.

New parents apparently spend an average of £9,152 during the first year of their baby's life. Which seems like an awful lot.

How much do you think your children cost you?

Source: The Guardian