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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=.

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£222,000 to raise a child to the age of 21

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.

Childcare costs have risen by £4,000 since last year alone Credit: PA

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.

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