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New research out today shows that it has never been more expensive to raise a child.
With a cost of £222,000 a year to raise a child until the age of 21, parents are struggling.
Mum of three Sarah Fisher spoke to ITV Daybreak, she said: "We're not in a position to buy the best for everything".
The cost of raising a child has increased by £4,000 from last year, parents are spending more money on education and childcare costs, with many forced to make cutbacks.
Speaking to ITV Daybreak, Gillian Guy from Citizens' Advice said that costs are going up but salaries are staying the same, and it's harder to make ends meet.
London is still the most expensive place to raise a child to the age of 21, costing a parent more than £239,000.
The South East of England is the second most expensive, followed by the East of England.
The South West has seen the biggest rise in childcare costs, with parents paying over £100,000 more than they were ten years ago.
More than 2,000 adults were surveyed about the cost of childcare, with figures showing that costs of raising a child to the age of 21 are now at a ten year high.
The cost of childcare has risen by £4,000 since last year, according to a survey, parents have admitted to feeling under pressure to keep up with technological trends.
The average yearly amount a parent spends on an electronic gadget, such as a laptop or tablet is more than £300.
More than a quarter of parents had bought their child an electronic gadget in the past 12 months.
Childcare costs have risen by two thirds since 2003, when the first annual Cost of a Child Report was published, survey for insurer LV= has found.
- 76% of parents said they have been forced to make cutbacks to meet the financial demands of raising a child, more than a quarter are cutting back on food, and over half of them are using vouchers and discount codes
- Parents spend an average of £19,270 on food and £16,195 on holidays per child
- Costs have risen in all areas of expenditure apart from clothing, which has seen a 5 per cent drop since 2003
The cost of raising a child has risen by two thirds in the past decade.
According to an annual study, it costs £222,000 to raise a child to the age of 21, over £80,000 more than it did ten years ago.
The biggest costs for parents are education and childcare, buying school uniforms, spending money on after school clubs, and university fees, the cost of which has risen from more than £32,000 to over £72,000 in the last ten years.