The first year of a baby's life is costing parents up to €10,500, according to a new study.

Research conducted by the online parenting community BabyDoc Club shows that the most expensive purchase for most parents is the baby's travel system, including a car seat.

Childcare is also a huge cost, particularly for parents who are both working outside the home, while nursery furniture is next on the list.

Charlie Weston, personal finance editor of the Irish Independent, discussed this and the rising cost of personal injury cases with us on The Last Word.