Cost Of Raising Kids In The North East More Than £200,000
26 January 2012, 09:07
The average cost of raising a child to the age of 21 in the North East has risen to £202,383, according to new stats.
Education, childcare and food make the biggest dents in parents' wallets according to the research by an insurance company.
In the North East, parents spend around £10,382 a year, £865 a month and £28.44 EVERY day on their child's upbringing.
The overall bill has increased by 55%, from £140,000 since the report was first published in 2003, and the latest figure is also a 3.3% rise on last year's total of £211,113.
Spending on education, including school uniforms, after school clubs and university tuition fees, has seen the biggest rise from last year, with a 5.1% increase, and is also the biggest financial pressure for parents, at a cost of £71,780.
Childcare and babysitting costs amount to £62,099, making up the second biggest total bill for parents, a 2.7% rise on last year.
Total food costs have shot up by 4% in a year, amounting to £18,667, while parents also shell out more than £4,000 in pocket money.