Massive cost of raising a child from cradle to college revealed
Published 16/07/2015 | 11:00
IT costs families a fortune to raise a child from the cradle to college.
New research shows that the expense amounts to more than €100,000 to raise a child to the point of finishing third-level education.
The cost of childcare is the biggest outlay for parents, coming in at around €4,000 a year.
Most parents admit that they put themselves under too much pressure to ensure they give their children all they can afford, the research commissioned by insurer Laya has found.
The research was carried out by Empathy Research among 1,000 parents and breaks out the significant child-related costs parents incur over the first 21 years.
These include 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.
The cost of childcare is the biggest outlay for parents each year at €4,049.42, representing a major slice of the annual household income.
This is closely followed by the cost of university and third level college fees each year at €4,056.24, and other education-related costs including school books, uniforms and extra-curriculum classes which amount to €1,707.12 a year.
Laya, which is the State’s second largest health insurer but also offers life insurance, commissioned the research to encourage parents to provide for their children in the event of death.