Industry News
Cost of children soars
Posted on 7th December 2007
The cost of raising a child has rocketed over the last five years, particularly for parents who choose a private school for their offspring, a new report has shown.
A study by insurance and investment group LV= into the cost of raising a child from birth to age 21 has found the cost of sending a child to an independent school as a day pupil, followed by support through university can be as high as £120,267.
The total cost of raising a child, combined with the cost of a private education and university, is £258,989 - more than a quarter of a million pounds.
Nigel Snell, communications director at LV=, said many parents recognise the sacrifices that have to be made to support their children.
"Of course, every parent will tell you that it is all worth it, but making even small provisions and doing a little extra planning now could help new parents see their way more easily through the next 21 years," he urged.
The cost of bringing up children does not always stop once they have left university. Recent research by Alliance & Leicester revealed more than one in three parents said they would feel guilty if they did not help their child onto the property ladder. 
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