The cost of raising a child is setting parents back an average of £537 per month; with more than half of parents arguing that this cost has soared significantly in recent years.
The largest monthly expense footed by parents is for child care (£186.63), followed by food and drink (£129.18) and child maintenance payments (£117.97).
The top five is completed by transportation costs (£59.58) and education expenses like school trips (£59.55).
The high cost of seeing children safely through to adulthood means that 5% of parents would have avoided having their brood if they had their time again.
The pressure of ensuring that our little ones have everything they need has taken a huge toll on parents’ finances, with many resorting to drastic measures to ensure that they are able to balance the books.
Almost half (48%) of those taking part in the research by Santander Insurance had accepted ‘hand me downs’ on occasion from family and friends, while 37% hand bought second hand items from charity shops and school shops.
21% admitted to dipping into their saving to meet costs relating to their child, while 11% have turned to a helping hand from friends and family.
Richard Al-Dabbagh, Santander Insurance, said: “Parents can spend hundreds of pounds every month on their children and it’s easy to forget the level of reliance children have on them financially as well as emotionally.
Understandably, death or illness is not a subject that many people want to think about, but it’s worrying that so few parents have a financial contingency in place to support their children if anything should happen to them. Parents need to feel reassured that their loved ones will be OK if something happens to one or both of them.”