Parents are spending an average of £150 a week on their children, equating to £143,000 across an eighteen year period.
The mammoth cost of raising a child has grown faster than inflation over recent years, particularly with the surging price of child care which is believed to be one of the main factors behind the increase. Despite the rise in costs, wages remain relatively static.
According to the Child Poverty Action Group, the cost of raising a child increases as they get older. This is thought to be due to an increase in food expenditure and a higher likelihood of having to move home to accommodate older siblings.
Alison Garnham, chief executive of Child Poverty Action Group, said:
"The research paints a stark picture of rising costs for bringing up children at a time when the Government is cutting its contribution to children's costs and wages are stagnating.
"Every parent knows it's getting harder to afford the things their children need, but it doesn't feel like the Government is on their side right now.
"Ministers chose to make children and families the main target of their austerity agenda, cutting billions from child benefit, child tax credit, childcare credits and working tax credit. Even disabled children are having their disability additions slashed in half."
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