The annual LV= Cost of a Child report calculates the cost of raising a child from birth to 21 years old.
Now in its thirteenth year, our latest research shows costs have reached an all-time high of £231,843 – more expensive than the average house .
The Cost of a child calculations, from birth to 21 years, were compiled by the Centre of Economic and Business Research (CEBR) for LV= in December 2015 and are based on the cost for the 21-year period to December 2015.
 According to statistics from Halifax Regional House Prices for Q4 2015 (released on 07.01.2016), the average price of a semi-detached house in the UK is £219,255– this is £12,588 less that the cost of raising a child to the age of 21.
Use our calculator to work out the cost of your child. Simply enter their age and we'll calculate the cost of raising them until the age of 21. You can 'add another child' and get the total cost of all your children.
With the cost of raising a family continuing to climb each year it’s unsurprising that it is putting enormous pressure on household budgets. Highlighting these costs can help parents to better manage their finances as well as consider putting measures in place to ensure they have a secure financial future should they unexpectedly find themselves without a regular income.
Here are some money saving tips:
The cost of raising a child is at an all-time high and, with the price-tag of childcare continuing to rise, family incomes are being stretched even further. An unforeseen illness or accident could have a huge impact on family finances and we would urge parents to ensure they have a plan in place to guard against a sudden loss of income, for example taking out an income protection product.Myles Rix, Managing Director, Protection at LV=