Cost of raising a child to the age of 11 rockets by almost £3,500 in the last 12 months

  • Money
Cost of raising a child rockets by almost £3,500. Credit: PA

New research has revealed that the cost of raising a child to the age of 11 has rocketed by almost £3,500 in the last 12 months alone.

Now, parents spend around £87,000 bringing up each child, which works out at more than £650 a month, according to Halifax.

Londoners are hit by the highest bills a £122,500, while Wales and West England have the lowest costs at £76,600.

  • Childcare the biggest bill costing parents £3,840 a year on average

  • Other major expenditures include food (£960), holidays (£748) and schooling (£511)

  • Half (51%) of all parents surveyed by Halifax have had to cut back on going out to socialise with friends

Some 46% of parents have reduced the number of times they eat at a restaurant or pub.

Some two in five (40%) said they have had to spend less on holidays and a third (34%) have cut back on ordering in takeaways, clothing, and other luxury items since having children.

The research revealed how the first year is by far the costliest, with parents shelling out almost £10,000, or £820 a month, on their baby.