A study conducted by National Savings & Investments (NS&I) reveals that 64 per cent of Britons think financial security is important to put in place before considering starting a family for the first time.
With the suggested annual cost of raising a child being around £25,000, many would-be parents could find this figure hard to save in order to give their child the kind of start in life they hope for.
Chris Radford, from aap, the UK's biggest buyer of endowment policies, said some of its customers with children, or who plan to start a family in the near future, had decided to sell their underperforming endowment policies so that they could raise the cash required to help with family costs.
The £25,000 figure is the annual income that many Britons believe is necessary to cover the cost of raising a child, according to the research, while the majority (78 per cent) list money as a deciding factor behind the number of offspring that they choose to have.
However, for 12 per cent of respondents, an annual household income of between £40,000 and £70,000 is suggested as being necessary before it becomes reasonable to have children.
NS&I savings spokesman Tim Mack says: "Starting a family is always going to be much more than a purely economic decision."
But he adds: "Britons are also considering their financial future when deciding on the number of children they will have."
On average, men were keen to put in place more of a "financial cushion", typically wanting a sum of £27,000 to pay for bringing up a baby, compared with women's general desire of £23,000 as a monetary safety net.
Mr Radford, from aap said some of its customers have decided to sell their underperforming endowment policies in order to address their current financial standing and make their family finances stronger for the future.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
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