Young children cost parents £90,000
The average child will cost their parents more than £90,000 before they reach the age of 11, according to a study by the Halifax.
Last year, parents spent £8,307 on raising their child. The bulk of that money was spent on the costs associated with educating children. Parents pay an average of £38.81 a week on lunches, travel, trips and other school expenses.
In addition parents will have spent up to £177.28, getting their kids ready for the new school year, according to Santander.
"Childcare costs and education account for half, or £4,200, of the total annual cost of raising a child," says Martin Ellis, economist at Halifax.
Parents have seen a 15% increase in the cost of bringing up their child in the past five years. This is mostly down to the 24% increase in parents' spending on uniforms, class materials, school trips and lunches.