The Joseph Rowntree Foundation, originally a Quaker group, is behind a new report, conducted by Heriot-Watt and Loughborough universities.
Together they have calculated how much it costs to try and reverse the effects of poverty on families in the UK.
The research shows that the public service costs of poverty amounts to around £69 billion.
In addition to that it estimates that child poverty costs a further £6 billion and knock-on effects of adult poverty cost at least £2.7 billion.
The stats:
- £29bn on treating health conditions associated with poverty
- £10bn on schools providing initiatives such as free school meals and pupil premium for poorer students
- £9bn on the police and criminal justice systems dealing with the higher incidence of crime in more deprived areas
- £7.5bn on children's services and early years provision, such as free childcare for deprived two-year-olds
- £4.6bn on adult social care
- £4bn on housing
The report goes on to say that poverty does not necessarily refer to money, but also the mental and physical impact it can have on a person.
It also says the NHS bore the brunt of the costs, saying those in poverty were "more likely" to suffer ill health.
Julia Unwin, chief executive of the Joseph Rowntree Foundation, said: "It is unacceptable that in the 21st century, so many people in our country are being held back by poverty. But poverty doesn't just hold individuals back, it holds back our economy too.
"Poverty wastes people's potential, depriving our society of the skills and talents of those who have valuable contributions to make. This drags down the productivity of our economy, hinders economic growth, and reduces tax revenue.
"UK poverty is a problem that can be solved if government, businesses, employers and individuals work together. If we fail to do so poverty will create an even bigger risk to our country today, and for future generations."
David McAuley, Chief Executive of the Trussell Trust said: "This new evidence points to the devastating long term impact poverty has on people's lives and the huge cost to the services supporting them and society in general.
"Tackling poverty and inequality is not only a matter of offering compassion and hope to those in difficulty, but an economic imperative for the nation. We must all step up to the challenge."
He added: "Last year foodbank use reached a record high and these same community projects are now doing more than ever before to run other services, such as debt and money advice, cooking skills and school holiday clubs, seeking to prevent people falling into a crisis where they are unable to eat.
"But much more must be done and today we renew calls for Government, business and charity to come together in a joined up approach to ending poverty and hunger in the UK and ensure the social safety net works for everyone."
A Government spokesperson commented: "We're committed to creating a Britain that works for everyone, and that means tackling the root causes of poverty.
"Employment is key and we've made good progress - there are now more people in work than ever before, millions are receiving a pay rise thanks to the National Living Wage and we've doubled free childcare to 30 hours.
"But there's more to do and we're taking action across other areas like education and family breakdown so we can help more people to succeed in life."
