Merrill Lynch claims there's one main reason for the cost hike.

I've got a pretty long list of reasons as to why I don't have kids yet. Obviously I'm way too selfish with my time right now, but also the cost of raising a kid is staggering. And that's just getting them to the age of adulthood.

So how much can you expect to pay to raise a kid?

According to Merrill Lynch, the average cost of raising a child in America is $230,000. Some of you may believe this number is low, while others are spitting out their coffee right now. Many parents are expected to shell out another six figures to put their child through college.

For many parents surveyed, the reason why the cost is so high is their own fault.

Many parents feel pressure to buy everything their child wants. We're not talking "need" here, but rather want. And what your kids want is most likely what their friends have. 70 percent of parents feel pressure to their children what their peers have. This pressure only becomes greater as their kid ages.

Overall, the cost weighs heavily on the decision to have a child as 73 percent consider finances before growing their family.