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Bank charges: Childcare costs 'soar'

A high proportion of Brits who have children may end up having to pay bank charges because the cost of childcare has risen massively.

According to Family Investments, a company providing financial solutions to families, childcare costs have gone up by £276 million this year.

Kate Moore, head of savings and investments at the company, said: "The rising cost of living is having a significant impact on household finances and childcare forms a significant part of many mums' budgets.

"For those expecting a child it pays to do some research on local care providers such as nurseries as the most popular ones will often have a waiting list and prices can vary significantly."

Ms Moore added that Family Investments is concerned that these financial pressures are preventing families from saving for the future.

Research showed that parents in London will be worst affected, with people in this area having to pay £40.47 more every month for childcare compared to the same time 12 months ago.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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