The cost of raising a child in Ireland is higher than ever

Findings by Laya Life have confirmed a dramatic rise in the cost of raising a child in Ireland.

Laya Life, building on its 'Cradle to College Cost Index,' surveyed 1,000 parents to find the total cost of raising a child in Ireland.

They confirmed that the total cost to the average household, to age 21, has climbed to €169,372.85. This is a 60% increase since 2015, the team confirmed.

Parents say that the first year of a child’s life (23%) and their teenage years (24%) are the most financially demanding on the household budget.

Delving deeper and breaking down the data further, it shows the average cost per child, per year, from cradle to college, is €15,324.20, showing an increase of 39% in the last ten years.

Commenting on these findings, Money Coach and mum-of-two Kel Galavan said, "These figures illustrate the evolving financial landscape for Irish families. It's becoming increasingly important to consider financial planning strategies.

"The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third-level education.

"Worryingly, less than half (48%) of Irish parents have life insurance, leaving them vulnerable should the unexpected happen. This underscores the critical need for families to prioritise financial security and protect their loved ones in the face of these evolving economic challenges and it’s nowhere near as expensive or as complicated as people think."

73% say they put too much pressure on themselves to give their children everything.

Despite the high costs, only 51% of parents have made a savings plan to cover the future costs of supporting their children until they’re old enough to support themselves.