The cost of raising a child to the age of 11 is £91,377, newly-released research has found.
According to the Halifax Cost of Children review, the annual average expense to parents was £8,307 in 2011, which represents a 15 per cent increase on the 2007 figure.
The biggest hike has been seen in schooling, as the price of uniforms, class materials, school trips and lunches went up by 24 per cent in the last five years.
In 2011, parents spent £889 feeding their children and in total food accounts for 11 per cent of the expense of bringing up a kid.
Martin Ellis, economist at Halifax, commented: "The cost of raising a child … has added to the already considerable strain on household finances during the economic downturn."
He added childcare costs have also increased significantly – by £4,200 – and so people should make sure they are on a sound financial footing before starting a family.