Raising A Child In Ireland Costs Almost €170,000

The cost of raising a child up until the age of 21 is €169,372.85.

Overall, the cost of parenting has increased 60% since 2015.

Food prices have gone up 61% in the past ten years, while nappies and baby formula have seen dramatic price hikes of 188% and 169% respectively.

Changing nappy on an eight week old baby girl. Picture by: Alamy.com. 1 September 2014

It costs an average of €15,324.20 a year to provide for a child, according to the 'Cradle to College Cost Index' by Laya Life, which is an increase of 39% in the last ten years.

The survey of 1,000 parents, found families are cutting back on non-essentials, such as family holidays, birthday presents and the amount they're spending on gifts for communions and confirmations.

The research shows shows close to a quarter of parents say the first year of a child’s life (23%) and their teenage years (24%) are the most expensive.