Babies may be cute, but they are certainly expensive

In the last year alone, the cost of raising offspring has risen by 9%, said research from financial services provider Liverpool Victoria.

It now estimates that a child costs its parents £23.50 per day.

Childcare and education are said to be the most expensive factors, costing parents an average £49,092 and £46,778 per child respectively.

Education costs are said to have risen 26% since last year, helping to put up the expense of raising a child by a rate outstripping inflation almost four times.

Money from grandparents

The report concludes that the high cost of starting a family has increased the cultural shift away from households having just one working parent.

Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work

Liverpool Victoria's Nigel Snell

If found that today both parents have to work to cover the cost of bringing up children in two-thirds of families.

A further 12% of working parents said they need to rely upon grandparents or other family members for regular financial support to help meet the costs of bringing up their children.

"Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work," said Liverpool Victoria's communications director Nigel Snell.