New survey puts price of raising child at €170,000

THE cost of raising a child from the cradle to college has jumped by 60 per cent in the last decade, costing parents an extra €65,000.

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A new survey found that the cost was €105,000 in 2015 but has now reached a staggering €169,000.

Food, college fees, and rent support account for the biggest outlays and add up to €15,000 a year.

Mum-of-two Kel Galavan, who is a financial expert and money coach, said the new figures from health insurer Laya Life's Cradle to College Cost Index highlight the "evolving financial landscape for Irish families".

Several vital elements were factored into the calculations for the two-decades long financial support.

These include nappies, baby formula, pocket money, birthday presents, family holidays, communion and confirmation gifts, university fees, and rent support.

A Laya Life spokesperson said: "The new research shows a dramatic rise in the cost of raising a child in Ireland.

"A survey of 1,000 parents revealed that the total cost to the average household, to age 21, has climbed to €169,372.85, which is a 60 per cent increase since 2015.