Child-rearing costs have surged by 39% over the past decade, according to new data.
It now costs approximately €15,000 annually to raise a child in Ireland, according to a new survey conducted by Laya Life. The figure marks a 39% increase over the past 10 years, with the steepest rises seen in essential early-life items like nappies and baby formula.
The survey highlights two particularly costly phases for families: a child’s first year and their teenage years, both of which place significant pressure on household budgets.
Despite rising costs in key areas, families are finding ways to cut back elsewhere. Spending on Communion and Confirmation gifts has dropped dramatically, the average spend now sits at €120, compared to over €570 in 2015. Similarly, parents are spending around 35% less on family holidays.
Food remains a major expense, now costing families roughly €5,000 per child each year, a 61% increase since 2015. Rent support costs for families have also risen, by 37%.
Interestingly, pocket money allowances have surged. Parents are now giving an average of €1,196 per year to their children, representing an 86% jump over the last decade.
On a more positive note for families with older children, the cost of third-level tuition has slightly decreased. College fees now average €3,387 per year, down from €4,056 in 2015.
The findings paint a complex picture of modern parenting in Ireland-- one marked by rising essentials, shifting spending habits, and efforts to balance the family budget in an increasingly expensive economy.
