As parents we know it can be costly bringing up kids, after all, we’re the ones shelling out money left and right. But how much do you think the cost of raising a child actually is?
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Wait for it. It’s a whopping €105,321 (or $114,785 or £73,585) per child!
New research commissioned by laya life and carried out by Empathy Research among 1,000 parents breaks out the significant child-related costs parents incur over the first 21 years; from the everyday cost of food and clothing, to the higher costs of childcare and education. Irish households are spending an average of €11,033.64 every year on their children.
Here are some of the key findings:
- The majority of parents (77%) admitted that they put too much pressure on themselves to give their kids everything.
- The cost of childcare is the biggest outlay for parents each year at €4,049*, representing a major slice [7%] of the annual household income**.
- Cost of university and third level college fees each year average at €4,056, and other education-related costs including school books, uniforms and extra-curriculum classes which amount to €1,707.12 a year.
- The majority of parents say they are just about keeping their heads above water, with almost 6 out of 10 (57%) admitting they are currently not able to put any money aside for savings.
- Having kids aged 15-17 years is the most expensive for parents where monthly household child related costs peak at €1,068.
*Average figure based on average number of children per household 2.2
** Of the 1,000 parents surveyed, the mid-point average annual household income was €56,672.77
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Over to you now. What’s your view on the cost of raising a child? Tell us your thoughts in the comments below.