Cost of raising kids rises

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Cost of raising kids rises

Parents may well be feeling the pinch when it comes to raising their children as new research shows that there has been a 28 per cent rise in the cost of bringing up kids in the last four years.

Liverpool Victoria conducted its Cost of a Child survey and discovered that the sum currently stands at £180,000 for raising a child from birth until they reach 21 years of age.

These figures show that the increase in costs associated with looking after a child is growing at a quicker rate than that of house prices in the UK.

Nigel Snell, Liverpool Victoria's communications director, stated: "Raising a family requires careful financial planning and regular saving, as well as a great deal of hard work.

"The earlier would-be-parents start thinking about the costs associated with bringing up a child, the sooner they can start saving to meet the expense."

The total figure accounting for 21 years of bringing up a child represents an annual outlay of £8,578 and this equates to a UK-wide cost of around £130 billion.

Liverpool Victoria is the largest friendly society in the UK and it manages funds of £7.4 billion.

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