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The £200,000 cost of raising a child!

A report by LV= has cast further light on the overall cost of bringing up a child in the UK today. The insurance company has found that the average child will cost upwards of £200,000 to bring up with the vast majority of money being spent on childcare at around £54,000 between the ages of six months and 16 years.

There are also other various costs which include nursery fees, education costs, transport and sports equipment to name but a few - which many parents will already be fully aware of. However, the overall cost of around £200,000 is a 4% increase on last year and a 43% increase on the same survey carried out in 2003. This equates to around £800 a month and will shock many people, especially in these difficult economic times.

Over the last few years we have seen a massive increase in various costs associated with childcare, schooling and general living expenses which have now filtered into the cost of bringing up your child. Those living in London will be dismayed to learn the average cost is around £220,000 to bring up a child while those in Yorkshire and Humberside will spend around £177,700 bringing up their children.

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