A new survey shows a dramatic increase in the cost of raising a child - from birth to the age of 21 - in Ireland.
Laya Life's 'Cradle to College Cost Index - a survey of 1,000 parents - reveals that the total cost to the average household has climbed to €169,372.85, a 60% increase since 2015.
Parents who participated in the survey said the first year of a child's life and their teenage years are the most financially demanding on the household budget.
The survey shows the average cost per child, per year, from cradle to college, is €15,324.20 - an increase of 39% in the last ten years.
It reveals that the cost of nappies had soared by 188% to €1,456 this year from €505 in 2015,
while the cost of baby formula surged 169% to €1,456 from €541.
The cost of food is up 61% to €5,148 from €3,197 while pocket money has risen by 37% to €4,536 a year from €3,320.
But the cost of family holidays has fallen by 35% to €1,079 from €1,653 while the cost of birthday presents are also down substantially, falling by 70% to €148 from almost €500.
The cost of university and third level college fees has also decreased, falling by 16% to €3,387 from €4,045, Laya noted.
Money coach Kel Galavan said the figures illustrate the evolving financial landscape for Irish families, adding that it is 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," she said.
Head of Laya Life JP Hughes said the increase in the cost of raising a child over the past decade reinforces the value of financial planning for Irish parents.
