The cost of raising a child to the age of 21 has soared to £222,458, with parents paying 58% more than a decade ago, according to a study published today.

The annual ‘cost of a child: from cradle to college’ report by insurer LV= found that the figure is up more than £4,000 from last year, while there has been an £82,000 hike in the past decade.

This highlights the financial pressure facing many people in the UK, as they to fork out more money for their kids at a time when wage growth is weak and the economy is struggling. The insurer estimates that this is set to reach £350,000 by 2023 if costs continue to increase at the same rate

Education and childcare remains the biggest expenditure for parents. The cost of education, including uniforms, after school clubs and university costs, costing £63,738 and £72,832 respectively over a 21-year period. On top of this, mums and dads will typically spend £19,270 on food and £16,195 on holidays.

According to LV=, more than four in ten are reining in spending on luxuries such as holidays, a third are also cutting back how much they spend on essentials such as food.