Money needs to be put in savings accounts of children as soon as possible to help cope with any future costs, one expert has said.

Dave Rodgers, managing director of the Debt Advice Foundation, highlighted that it is necessary for parents to think ahead, as no-one knows what expenses may arise.

For example, he pointed out that the university funding system may change in the coming years, so families need to make sure they are prepared.

"Even if your child decides they don't want to go to university, those savings could be used to help them set up business or put a deposit down on a house," Mr Rodgers highlighted.

According to the yearly Cost of a Child Report by LV=, the cost of bringing up a child until their 21st birthday now totals more than £210,000.

The cost has now risen more than 50 per cent compared to the survey carried out in 2003.