New statistics show just how important it could be to make investments in children's savings and child trust funds .
The survey by LV= suggests that the cost of raising a child from birth until they reach 21 is now over £201,000, working out at £9,610 a year.
Mike Rogers, group chief executive of LV =, said: "Every parent will know how expensive it can be to raise a little one, and as parents, we know we don't begrudge a single penny of it.
"But I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them."
With all this money being spent on raising a child, it is important to ensure that they have some saved up to support themselves once they reach adulthood.
Among the options is to take advantage of the child trust fund (CTF) scheme, whereby the government automatically tops up a savings account with £250 for newborn babies.
Research by Family Investments recently showed that eight in ten parents do not want CTFs to be cut back, as proposed by the Conservative Party.
Importance of investments shown by cost of raising child
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Importance of investments shown by cost of raising child
Tue, 23 Feb 2010
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