Premature births are costing the UK an extra £939m every year.
Researchers at the Oxford Centre for Health Economics ran a study, funded by the baby charity, Tommy's, which calculated what the costs would be for all the preterm babies born in 2006 over the first 18 years of their life.
They looked at healthcare, education and the costs to their parents of having to have more time off work.
More funding for research into ways to delay premature births could save £260m a year according to their calculations.
Jane Brewin, Tommy's chief executive said that better neonatal care had improved the likelihood of these babies surviving but they still faced considerable difficulties: "Given that the UK rate of premature birth is rising, this mammoth cost is set to grow even larger......We know that there are serious implications for some of these babies such as chronic lung disease, haemorrhaging in the brain, eye problems, digestive tract problems and increased risk of infection."
The research group calculated that 66.4% of the total cost, including the need for neonatal care, mild disability, moderate disability, severe disability and death, is incurred by those born only moderately prematurely between 33-36 weeks. And almost all the extra costs come from when premature babies are in hospital just after birth.
Tommy's is funding three medical research centres that are investigating the cause of premature birth, miscarriage and stillbirth.
Jane Brewin said: "Current treatments are ineffective at delaying labour by more than a couple of days, however we believe if we could improve that to a week it may make a significant difference to the health of the baby."
Andy Cole, of the special care baby charity, Bliss, said: "There are many reasons why children need help and support in their early years and to suggest that premature babies are a financial burden on society is entirely unjustified ..... We cannot and should not judge a life by an economic metric.... It is important to remember that premature babies, like all babies, are individuals and will be loved and valued by their families."
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