The cost of raising a child has risen by nine per cent in the last year, according to a new report from Liverpool Victoria.

The study found that the cost of raising a child until they have reached the age of 21 now comes to £180,000, and the figure is rising at a faster rate than property prices.

In the four years that the study has been taking place, Liverpool Victoria claims that the price of bringing up a son or daughter has climbed by 28 per cent, with childcare and education the main expenses, at £49,092 and £46,778, respectively.

Nigel Snell, Liverpool Victoria’s communications director, remarked: "Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work.

"The earlier would-be-parents start thinking about the costs associated with bringing up a child, the sooner they can start saving to meet the expense."

Inner London was found to be the most expensive place to bring up a child, at £193,562, with Wales the cheapest, at £172,632.

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