Cost of raising a child to 11 reaches £100,000

Raising a child

The average cost of raising a child to the age of 11 has reached just under £100,000, according to research by Halifax, which also said the first year of a child's life now costs £11,000.

The bank found that regional variations are "huge", with children born in London costing £170,000 over 11 years - far more than those born in the West Midlands (£75,000) and South West England (£77,000).

Eleven-year-olds in the South East of England and Wales will set parents back a respective £110,000 and £127,000, the bank added.

Childcare is the greatest monthly cost for parents, averaging out at £309 a month across England and Wales, though this rises to £350 in London and the South East, but just £273 a month in the North West.

Holidays cost parents an average of £105 a month, followed by food (£98) and schooling costs (£69) such as uniforms, class materials and trips.

Parents in London spend three and a half times more on monthly food for their children than those living in the North West (£239 compared to £68).

Richard Fearon, head of Halifax Savings, said: "Regardless of where you live, the cost of raising a child is one of the most significant you will face. Understanding how each factor related to raising a child will impact you will allow you to budget and save for this spend and help to reduce the financial pressure that comes with a growing family."

"The initial costs of having children can easily take you by surprise if you're not prepared. Furniture for a baby's nursery is one example of where a large proportion of the annual spend will, in reality, occur over a much shorter period of time."

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