Families are having to reduce the amount they're saving each month in order to cover the increasing cost of bringing up children, according to a new report.
Research undertaken by insurance firm LV=, claims that 43 per cent of parents have reduced the amount of money they put away.
Figures from the insurer suggest the total outlay now required to bring up a child from birth until the age of 21 has risen to more than £218,000. The total includes expenditure on childcare and babysitting, education, food, holidays, clothing and pocket money.
Compared with 2003, LV= says the cost of raising a child has risen by 55 per cent.
But according to Mark Jones, head of protection at the firm, parents are happy to make financial sacrifices to ensure their offspring have what they need.
He said: "Despite an uncertain UK economy forcing more pressure on the family budget, it's clear that parents don’t begrudge the money they spend on their children, and would rather do without themselves than radically cut back on what they can provide for their children.
"From studying parents' spending habits we have seen the cost of raising a child steadily increase since our first report in 2003 and this trend shows no sign of stopping."