Raising a child in Ireland has never been more financially challenging, according to new research from Laya Life. Building on the 'Cradle to College Cost Index', the later figures reveal that the total cost of raising a child to age 21 has surged to €169,372.85, a staggering 60% increase since 2015.
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.
“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”
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