According to research from family shopping club KidStart, the average cost of raising a child in the UK increased by 55% between 2003 and 2011, while the average rise in UK income only rose by 25%.

This means parents on an average annual salary of £21,473 could be spending up to half (49%) of their income on raising their children compared to just 38% in 2003.

Julian Robson, CEO of KidStart said: “Families are well aware that children are expensive but when this escalating cost is compared against the average rise in income we can clearly see why parents are burdened by financial pressures.

“With the recent cuts in child benefits, parents will need all the support and advice they can get to help make their money go further and combat the rise in living costs.”