Now, new research by Hargreaves Lansdown has revealed that the cost of having children stands at £163,175 over 18 years. This also means that couples with kids are currently spending almost £7,000 more per year than couples who do not have children.

It will come as no surprise that the burden of these costs falls most heavily on single parents. The research found that, shockingly, single parents have, on average, just £85 a month to spare after they pay their bills. Moreover, they are much less likely to have a financial safety net: just 23% of single parents reported having enough emergency savings to cover at least three months’ worth of essential expenses, compared to 63% of couples with children.

New research has revealed the cost of having children now stands at £163,175