Parents in the UK are spending an average of £3,762 on essentials for kids every year.
This is according to analysis by Santander and it represents 14 per cent of the typical salary in the country (£26,100).
Included in this price is entertainment, food and drink, holidays and babysitting costs and it means that mums and dads could be set to part with at least £67,700 looking after their kids until they turn 18.
Of those questioned, 34 per cent of working families said they would not be able to live on one salary.
Santander's Richard al-Dabbagh thinks people should not be surprised to discover that raising children is an expensive business at present.
He added the figures highlight how important it is for families to take out income protection, as the policy can offer individuals "much-needed reassurance" against job losses.
"It's not as expensive as people think and it helps people maintain a standard of living without having to take drastic measures such as selling their home or belongings," Mr al-Dabbagh stated.