Thursday 24th of February 2011
Parents already struggling to keep on top of their mounting debts may find the cost of raising their children leads them to ask individual voluntary arrangement questions in a bid to improve their lot.
According to new research carried out by LV=, bringing up a little one until the youngster reaches 21 will now set mums and dads back £210,000.
The Cost of a Chid Report showed this amount has increased by 50 per cent since 2003 and equates to £10,040 a year.
This breaks down to £836 a month and around £27.50 a day, while the money involved has escalated by 4.5 per cent in the last year alone.
Mark Jones, head of protection at the organisation, said: "Childcare and education must feel like another mortgage payment for some parents as this is still the biggest outlay and shows no signs of slowing down."
Justin Modray of candidmoney.com recently suggested managing debts should be the number one financial priority for families in Britain at present.
By Chris King
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