Cost of raising a child soars

The cost of raising a child from birth to 21 now costs parents £193,772, it was revealed today.

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This figure includes £8,853 spent by parents in the first year alone, and is a 4% rise from this time last year.

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The research by insurance and investment group, LV=, discovered that education and childcare make up the most of this huge cost. A massive £53,818 is spent, on average, on childcare once extras including nursery fees are added in.

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