The cost of raising a child has hit an all-time high, according to a new report, putting pressure on families already dealing with cuts to child benefit. Figures from the insurance company LV's annual Cost of a Child Report show that the cost of bringing a child up to the age of 21 has reached $222, 458 -- more than $4,000 higher than last year and up$82,000 on ten years ago. The company estimates  that this is set to reach $350,000 by 2023 if costs continue to increase at the same rate. The report will be a further blow for hard-working families as cash-strapped  parents continue to struggle with rising household bills, wage freezes and cuts to child benefit. The right to receive the payments, worth $20.30 a week for the first child and $13.40 further children, was removed earlier this month from households with one earner on a salary of more than $60,000 and reduced for families where one member is paid more than $50,000. The research published today shows costs have risen in all areas over the last decade, except for clothing, with education seeing the biggest increase. As a result, more than three-quarters of parents have been forced to make ends meet. According to LV, more than four in ten are reining in spending on luxuries  such as holidays, a third are also cutting back how much they spend on essentials such as food. Education remains the biggest expense for parents. The cost of education, including uniforms, after school clubs and university costs, has shot up from $32,593 to $72,832 per child in the last ten years. Childcare costs have also rocketed, up from $39,613 in 2003 to $63,738 today. Which of the following is true according to the passage?
All the extra payments for child care have been removed. The cost of raising a child has become a stress to most parents. Costs have risen in all areas in the last decade, including clothing. More than three quarters of parents are cutting back the costs of necessities.