Children aren’t cheap… in fact it now costs £249,000 to raise one
Raising a child can cost parents almost a quarter of a million pounds, as expenses peak in their late teenage years due to extravagant grooming regimes.
On average, parents spend £13,830 a year on their child from pregnancy until their 18th birthday, according to research by MoneyFarm, an investment platform.
The most expensive period of a child’s life was between 15 and 18 years old, when parents spend £65,016 on their children. Spending on health, beauty and personal care items among this age group has reached £1,182 a year, double what it was in 2023.
The second most expensive period is the toddler years, when parents pay £53,701 on their children from birth to three years old. The bulk of this is childcare costs, and nursery bills can reach £34,250 in those three years — a rise of more than 12 per cent from 2023.
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The consumer price index, which tracks a basket of general goods and services, rose by 6 per cent since 2023, about half the rate of childcare costs.
MoneyFarm tracked a basket of 150 child-related necessities for three different budgets low, medium and high. It found parents paid £249,000 to raise a child, up by £26,000 since 2023 and £46,000 since 2022. Depending on the family’s budget and spending habits, the cost can range from £161,000 to £426,000.
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In 2015, separate research by the Child Poverty Action Group found the cost of raising a child to 18 was £149,805, suggesting costs have risen by about £100,000 in the past decade.
Chris Rudden of Moneyfarm said: “The cost of raising a child has always been a significant commitment, but the pace of increase we’re seeing now is unprecedented.
“Families are feeling the squeeze from all directions, whether it’s food, childcare, tech, or the growing importance of social and cultural activities.”
Cost of living hits women hardest, widening gender wellbeing gap
Economists have warned that the rising costs have contributed to the falling birth rate in England and Wales, which hit a record low of 1.41 in 2025.
Rebecca Montacute of the Social Market Foundation, a cross-party think tank, said: “The fertility rate in the UK has fallen to record lows, with evidence that higher costs, for example for housing or childcare, can reduce rates.
“This risks causing economic issues in the long term, with fewer working age taxpayers, and greater pressures from an aging population. Efforts to reduce housing costs, including building more affordable and social homes, as well as planning reform, could help, as could additional efforts to further bring down the cost of childcare.”