Parents will spend more than £51,000 on their child until they reach the age of 18, a study has revealed. Researchers found clothes, shoes, sports clubs and presents will mean the average parent will part with around £2,774 for each child every single year.
Driving lessons and help with buying a first car add another £1,648 to the huge figure which totals £51,575 from birth until the age of 18.
But it doesn’t end there, as a £4,111 contribution towards university fees and living expenses during the average three-year degree means the spending continues, even once children reach their early twenties.
Andy Oldham, Managing Director at the UK’s biggest cashback site Quidco, which commissioned the study, said:
"Everyone expects children to leave a dent in your pocket, but it’s staggering to actually see the figures in front of you.
"You always think about things like clothes, school uniform and sports clubs costing a small fortune but there are so many other things that mean you have to open your wallet.
"Things like the petrol to ferry your children around and pocket money all leave a hole in your bank balance.
"As for birthday and Christmas gifts, these are only likely to get more extravagant and expensive as the children get older and go from wanting a small toy to computer consoles and top-of-the-range gadgets to keep up with their friends.
"If parents are feeling the pinch, you need to save money in every possible way."
The study of 2,000 parents found that the biggest chunk of cash is spent on sports clubs, groups and after-school activities to the tune of £843 a year, or more than £15,000 over the entire childhood.
School uniform and sports kits add another £130 to the annual total, with a further £66 spent on accessories such as belts and hats.
Going out with friends and trips to the cinema or bowling alley set parents back £258 each year, while acting as a taxi for their offspring costs another £262 annually.
New clothes and shoes account for £251 each year while buying toys, games, books and DVDs is another £216.
Monthly pocket money of almost £16 a month adds up to £189 a year, with almost £154 splashed out on gadgets like phones and MP3 players.
Even haircuts mean parents have to part with £47 per year.
It’s not just the everyday expenses that add up though, with £157 spent on Christmas presents each year along with £117 on birthday gifts - a birthday party then sees another £83 on the total.
But the research revealed there is virtually no difference between the cost of bringing up a girl or a boy, with daughters costing just over £2,800 each year – only around £50 more than their brothers.
COSTS PER YEAR PER CHILD
After-school activities/clubs £843.12
Social activities £258.24
Driving children around £262.20
Clothes and shoes £251.10
Toys/books/games/DVDs £216.03
Pocket money £189.12
Gadgets £153.80
Christmas presents £156.58
School uniform and sports kit £130.08
Birthday presents £117.14
Birthday party £82.55
Accessories £66.33
Haircuts £47.44
Total per year £2,773.73
Driving lessons £381.10
Car £1,266.42
Total from birth - 18 £51,574.66
University education (over three year degree) £1037.45
University living costs (over three years) £3073.26
