PARENTS spend more than £233,000 on raising a child from birth to 21 according to figures just released.

Research for insurance firm LV= shows children eat up 28 per cent of their parents’ annual income, 54% for single parents.

The UK national average is £227,266 compared to £222,458 last years. In the South-West, those costs are £233,550, up from £228,200.

Education and childcare remain the biggest costs and 71% of parents report that they have been forced to make cuts to meet the financial demands of raising their family. The overall cost of raising a child has increased by 62% since 2003.