Two-thirds of parents say they can't afford to have more children due to the rising costs of raising kids.
Research from Aviva shows parents will spend an average of £271,499 raising a child from birth until the age of 21. This includes not only big-ticket items likes university fees or childcare but also the smaller things, such as school trips and music lessons - plus essentials, like food and clothes.
As a result, 66% of parents say they couldn't afford to have any more children even if they wanted to. Over half of the parents surveyed with only one child (58%) said they are not planning to have any more children.
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According to Aviva, parents will spend, on average, more than £1,000 a month on each of their children.
The average family size is now 1.7 children per family unit, down from 2.0 children 40 years ago. The often-quoted 2.4 children has not been the case since 1937.
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"Even for parents who budget very carefully, the financial pressures are tremendous, and as government benefits are being scaled back, more and more families are feeling the pinch," says Louise Colley, head of protection marketing for Aviva.
"We want to encourage every parent to make sure their family is financially protected in case the worst happens. If a family loses an income through illness - or even worse, death - by having protection in place it can ease the burden and help some of the 'normal' things continue for children, such as swimming lessons and the occasional day out. Having the right cover means that for the families affected, it's one less thing to worry about at a particularly stressful time."