One in five children are living below the poverty line after housing costs are taken into account, according to research from the Economic and Social Research Institute.
The report, produced in partnership with Community Foundation Ireland, also ranks Ireland 16th out of 27 European Union countries for child poverty rates after housing costs.
The current rate differs little from figures recorded between 2007 and 2009, when the financial crash was unfolding.
The report shows a decline in average incomes when adjusted for household size and inflation.
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Between 2021 and 2023, real incomes decreased by 0.6%, leaving them 3.3% below their 2021 levels.
The decline occurred despite nominal incomes rising by 11.3%, as inflation outpaced income growth, increasing by 14.6% over the same period.
Inflation has been even higher for lower-income households according to the report, with light, heat and groceries making up a larger share of their total expenditure.
Read the report in full here
The ESRI said that people in the poorest 20% of households have faced inflation rates that are 7% higher than the average rate of 6.3%.
Those in the wealthier 20% of households have experienced inflation rates 5% lower than the average.
Adults aged 25 to 59 who experienced poverty during their childhood are eight percentage points more likely to report poor health and 15 percentage points more likely to experience material deprivation compared to those raised in more advantaged circumstances.
These disparities are further exacerbated by lower educational attainment and elevated rates of unemployment among those with impoverished childhoods, according to the report.
Co-author Dr Barra Roantree emphasised the need for substantive policy reform:
"This report suggests there has been no substantive progress in reducing levels of child poverty once housing costs are accounted for. It is difficult to envisage the Government achieving its child poverty reduction targets without significant reforms, such as the introduction of a second tier of child benefit," he said.
Chief Executive of Community Foundation Ireland Denise Charlton said the study highlighted the stagnation in real incomes and the elevated levels of inflation endured by the lowest-income households.
"This aligns with the experiences reported by our voluntary, community, and charitable partners who confront this crisis daily. This evidence will strengthen calls for systemic change, including the introduction of a second targeted tier of child benefit," she said.