Cost of raising a child has soared by 75% over the last ten years | Personal Finance

Cost of raising a child has soared by 75% over the last ten years | Personal Finance | Finance [Video]

The cost of raising a child has risen by £146,000 since 2013 to a total of £342,000, new research has found.

The cost of raising a child, from birth to 18 years old, in the UK, is now over £342,000, a 75 percent increase over the last 10 years, according to new data from smarTrike.

The research found that the average cost of raising a child per year totalled £23,500 per year.

The average income for two adults in the UK is just over £66,000, however after average living costs are deducted, a couple looking to raise a family only has £30,000 a year remaining.

With the cost of raising a child totalling £23,500 a year, this means the average UK couple can only afford to have one child.