UK parents might see a greater financial strain being placed on them in the near future, new figures suggest, as the costs of having children continue to increase.
According to LV=, there has been a four per cent growth since January 2009 in the amount of money that families need to spend in order to support a child.
By the time their child reaches 21, parents might now have to spend around £201,000, the firm suggests, which could force some to get credit in order to make ends meet.
Chief executive of the LV= Group Mike Rogers believes that this figure could come as a surprise in some cases.
"I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them," he noted.
Meanwhile, parenting expert Catherine Hanly recently noted that a number of parents may be having to offer financial support to their children even after they have graduated from college.
Posted by Tom Burroughs.
