The report suggested that a typical child would cost £9,610 to feed, clothe and educate over the course of a year.

This figure does not take into account private school fees, but still clearly outlines the rising cost of sending a child to a state school. Thousands of pounds are being spent on new school uniform, school trips and sports equipment. Up to the age of 21 you are likely to spend over £52,000 on these things alone.

This new report again clearly outlines that fact that the cost of raising a child is the single most expensive cost for families.  £54,696 is the amount you can expect to shell out on things like nursery fees, after-school clubs and holiday clubs for a child between the ages of 6 months and 16 years.

LV=’s report also highlighted the fact that the average cost per year increases to £13,677 when a child attends university.

If you are struggling to deal with the cost of raising your child then why don’t you get in touch to see if we can save you money on you unsecured debts. We could reduce the monthly cost of debt so that you have extra money available to help support your family. Call free on 0800 988 3359.