A study by Halifax has claimed that it costs more than £90,000 to raise a child to pre-secondary school age.
In the article on the DailyMail it is said that the average costs of raising a child up to the age of 11 has increased by £1,085 in the past five years which is up 15 per cent from £7,222 in 2007 to £8,307 in 2011, the study suggests.
Schooling is making up the largest increase in spending – including money on uniforms, class material, school trips and lunches – with costs estimated to have increased by 24 per cent, from £694 a year in 2007 to £849 in 2012.
It also said in the report that the cost in nurseries and childminding was the second largest increase as it grew by 22 per cent to £3, 346 in 2011.
Spending on food and holidays in real terms, with parents spending £889 feeding their children in 2011, an increase of 14 per cent from £780 in 2007.
Money spent on children’s holidays rose by 16 per cent to £740 during the same period. Spending on clothing feel from £602 in 2007 to £513 in 2011.
However, the report did say that ‘heavy discounting’ among retailers to cope with the economic downturn could have had an impact on the figures.
Halifax economist Martin Ellis said: ‘The cost of raising a child under the age of 11 has increased by 15 per cent over the past five years.’
Read more of this article from the DailyMail Here.