Business Personal Finance

Sunday 18 February 2018

Cost of raising a child is put at €15,000 in the first year alone

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Charlie Weston

Charlie Weston

People planning to become parents have been warned that it costs thousands of euro to raise a child.

The average cost for the first year alone of a child's life costs close to €15,000, according to a new study by AA Life Insurance.

Childcare, when both parents return to work, is the greatest expense.

Working parents can expect to pay on average €5,000 a year for child-minding.

Parents opting for private healthcare during maternity can end up paying thousands of euro more than those who choose the public system.

The research found that parents can expect to pay an average of €14,532.12 before their baby's first birthday.

These costs include maternity healthcare, baby-proofing and essentials such as car seats.

The costs for parents begin to mount long before the baby is born.

Arwen Foley, of AA Life, said: "With a young child of my own and another on the way I'm well aware of how quickly the bills for maternity wear, baby clothes, nappies and everything in between can add up."

While there is a temptation on new parents to purchase the most expensive baby monitors or prams, it can be worth shopping around, she said.

Irish Independent

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