Britons have been urged to start saving early as the cost of raising children is escalating at a faster rate than people's income levels.
According to the Cost of a Child survey by financial services group LV=, the cost of raising a child has risen by a third in the last five years.
Average parents spend some £186,032 on their offspring until they reach the age of 21, with LV= predicting that this spending will "rocket" over the next five years.
Nigel Snell, LV= communications director, said the projection figures are "staggering" and that it is "unrealistic" to expect that people's salaries will rise in line with this increasing cost.
"This means parents will need to be switched on about their family finances more than ever, even though they have always known that raising a child is costly," he advised.
In light of rising levels of debt in the UK, LV= is urging Britons to start saving "as early as possible" in order to meet the financial demands of bringing up children, Mr Snell concluded.
Birmingham Midshires research published earlier this year found that 86 per cent of Britons did not have enough savings in place to afford the cost of raising a child if they were to become a parent during 2007.
Parents urged to get saving as cost of kids rises
Parents urged to get saving as cost of kids rises
Fri, 07 Dec 2007
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