Average cost of raising a child now £84,000, according to Halifax survey

Lloyds Banking Group, Trinity Road, Halifax.
Lloyds Banking Group, Trinity Road, Halifax.

The average cost of raising a child to secondary school age will set their parents back by almost £84,000, according to a survey.

Caring for a child from birth up until the age of 11 will set a household financially back by almost half the average UK house price, which stood at £187,188 in September, Halifax found.

The bulk of the total £83,627 bill comes from childcare before children reach school age, which at about £41,139 makes up almost half of the whole cost of raising a child to the age of 11.

The estimates were taken from research among 1,000 parents of children aged up to 11.

Typically, they were found to be spending £633.54 a month on their children, adding up to £7,602.50 a year.

Just when parents are suffering the hit to their finances coming from being on leave to look after their newborn, the first year of a child’s life is the most expensive, costing £8,500 on average.

As children reach school age and less money needs to go towards childcare, the annual cost of raising a child falls to a low of around £6,489 for a child aged between five and eight years.

But as children grow older and start raiding the kitchen cupboards, food costs were found to increase with age, being most expensive for parents with children aged between nine and 11, when the average monthly spend tops £87.

Holiday costs reach a peak for parents of children aged between five to eight years old, at £71 per month typically.

Here is how the monthly cost of raising a child aged up to 11 years old typically adds up according to Halifax: