According to research by LV=, the cost of raising a child until their 21st birthday is now almost £211,000, compared to £140,398 back in 2003 when the firm first looked into the subject.
Here’s how LV= has broken down those costs, which was put together with the help of the Centre of Economic and Business Research:
Love Money have the full details...
Here’s how LV= has broken down those costs, which was put together with the help of the Centre of Economic and Business Research:
| Expenditure | Total cost in 2010 | Total cost in 2009 | Total cost in 2003 (first year of report) |
| Childcare & Babysitting | £67,430 | £65,699 | £39,613 |
| Education | £55,660 | £52,881 | £32,593 |
| Food | £18,518 | £17,490 | £14,918 |
| Clothing | £15,683 | £14,035 | £11,360 |
| Holidays | £14,052 | £13,207 | £11,458 |
| Hobbies & Toys | £10,565 | £10,780 | £8,861 |
| Leisure and Recreation | £8,147 | £7,772 | £6,366 |
| Pocket Money | £4,543 | £4,338 | £3,386 |
| Furniture | £2,798 | £2,770 | £2,074 |
| Personal care | £1,164 | £1,107 | £925 |
| Other (includes driving lessons, first car, birthday and Christmas presents) | £12,287 | £11,731 | £8,845 |
| TOTAL | £210,848 | £201,809 | £140,398 |
Love Money have the full details...
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