To be specific, it will cost the average family £190,124 to bring up one child until they are an adult.
This figure takes into account spending on necessities including food, transport, clothing, childcare and housing but also includes recreational activities.
According to the study by ShepherdsFriendly, from the moment your child is born nappies will cost about £413 per year, meaning if your child wears them until two years of age, nappies alone will have set you back £825.
This is one of the smallest expenses – the real costs are associated with food and drink which will cost about £24,258 throughout a single kid’s childhood.
Transport was another major drain on finances for parents, with the cost of ferrying their children around amounting to £29,016 until they’re 18.
Clothing will set you back another £6,864 – although we find it hard to believe it’s not more!
This doesn’t include school uniforms though, which will cost £3,980 over the course of a child’s education.
Another essential that all working parents will need at some point or another is childcare – and boy is that expensive.
Full-time childcare costs, including nursery childcare, after-school care and care during the summer holidays, could set parents back £80,625 from the ages zero to 12.
This figure gets even worse when you realise that children start school at the age of five, meaning the cost of childcare decreases significantly.
Nursery for 50 hours a week could cost a total of £44,510. For children aged zero up until the age of two, childcare costs amount to £26,371 in total, declining slightly to £18,138 in total for children aged between two and four.