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Cost of raising a child rises again
The cost of raising a child to the age of 18 in the UK has increased again, as food prices, and the cost of education, hit parents hard in the pocket.
According to the latest figures from LV, it now costs parents an average of £218,000 to bring up their child to the age of 18.
This is an increase of 3.3 per cent when compared to last year.
The research also showed that the number of people now having to cut back on their spending in order to provide for their families has reached 76 per cent, a worrying figure considering that Shelter recently reported that ten million Brits were having to slash food and utility bills to afford their rent.
A further 43 per cent of people have reduced what they can afford to put away for the future on a monthly basis while only 32 per cent have life cover.