The average parent-to-be spends £1,645 on equipment such as prams, cots and car seats, equivalent to more than £469m a year across the UK.

However, less than one in five take out a life insurance policy to ensure their family would be protected against the loss of a parent and their income, according to insurer Aviva.

A monthly premium of £15 for a standard life insurance policy for both parents for 18 years would provide a tax-free lump sum of £237,123 if one parent died or was diagnosed with a terminal illness within that period, Aviva said.

The research, which surveyed 2,000 parents with children under five, also revealed that just 16% have a will – yet 66% have installed stairgates and 49% have fitted safety catches on kitchen doors and cupboards.

Paul Brencher, health and protection director at Aviva UK, said: “Considering that buying your first house and starting a family are traditionally the most common life events that prompt the arrangement of life insurance, it is very concerning to see that nearly three-quarters of first-time parents are not protecting their families’ future financial wellbeing.

“Additionally, a large proportion of UK adults have little or no savings that they could rely on to help weather the financial fall-out of an unexpected loss of income due to ill-health from a working parent.

“Ensuring that there is appropriate financial protection in place should be on every new parent’s list of essential items when they are starting a family.”

Aviva’s survey also found that two in five (40%) of new parents bought a new car, with an average spend of £9,414, while one in five (20%) moved to a new house spending an average £45,291 to move up the property ladder.