'You want to be able to buy the best' for your children

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".

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Raising a child 'costs £222,000'

Parents are paying nearly two thirds more than they were a decade ago to raise their children. The cost has risen to £222,000 to raise a child until the age of 21, according to a survey for insurer LV=.