Could you really afford to have children today in Britain?

Raising children has become more expensive on almost every front over the past few years.

The total bill from pregnancy to adulthood – adding up everything from a pram to schooling – is an eye- watering sum. In fact, raising children adds up to as much as the average home. Our cost calculator, far right, shows that the cost of raising three children for a couple living in London, each earning £50,000 a year, is estimated to come to just under £640,000.

Sending children to private school more than doubles the overall bill to £ 1.3m, the calculator shows. And putting food on the table – from baby formula through to teenage years – has a big hand in the total cost of raising a family. Spread across the year, the weekly food shop for a household with children has risen, on average, by £1,200 since the start of the pandemic.

Then there is childcare, for which the UK has long been among the most expensive of all rich countries, according to the Organisation for Economic Co- operation and Development (OECD). For a number of young mothers, returning to work after maternity leave is no longer a viable option.

Ellen Broomé, managing director of Coram Family and Childcare, a charity, said: “At a time when family budgets are under extreme pressure, the cost of childcare is making it near impossible for families to increase their income by working more hours. And too many parents, particularly mothers, are effectively locked out of work as they can’t make the sums add up.”

Despite soaring mortgage rates, the monthly cost of putting a child through nursery now exceeds repayments in many corners of the country. Childcare services are 14pc more expensive since the last election, the Office for National Statistics (ONS) index shows. Input your details into our calculator to see if starting a family is right for you – and your bank account.

Chris Rudden, of MoneyFarm, a wealth manager that helped compile Telegraph Money’s research, said: “By creating a solid financial plan, you can provide your child with the best possible start in life without compromising your own financial stability.”

Ollie Corfe

Money trap Cost of raising three children for couple in London who each earn £50,000