Survey reveals the cost of raising a child for its first year in Ireland
Prospective first-time parents be warned; having a child is going to burn quite the hole in your pocket.
A survey carried out by AA Life Insurance has revealed that the average cost of having a child and raising them for their first year is over €14,500 in Ireland.
The research undertaken by AA Life found that due to factors such as maternity care, baby-proofing and essentials such as car seats, parents can expect to pay an average of €14,532.12 before their child’s first birthday.
Childcare, the research found, was the biggest expense for new parents, with the survey revealing that parents who opt to return to work at the end of their paid maternity leave entitlement can expect to spend an average of €5,012 on childcare.
Before the baby is even born, meanwhile, parents opting for private healthcare during maternity can expect to pay up to €4,000 more than those who choose the public system.
That figure is reduced to an average of €2,908 for those who opt for private over public healthcare when tax relief and health insurance cover is taken into account.
Breaking down the figures, the survey found that items such as maternity clothes, for example, cost an average of €500 and babyproofing a home costs a little over €150.
The average cost of prams and baby bouncers was €657.99 and €228.33 respectively, while the study found that the average family of a newborn could expect to pay €515 on nappies in the first 12 months.
“To anyone who already has children it won’t come as much of a surprise that the decision to have a family brings with it significant costs, but for first-time parents, it can serve as a real shock when the expenses start to mount up,” said AA Life Spokesperson Arwen Foley.
“While many of the costly items, such as monitors, car seats and prams can be re-used with any subsequent children to keep future costs down, the first child will bring with it a lot of unexpected bills.
“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,” Foley added.
“While there is a temptation or almost a pressure on new parents to purchase the most expensive baby monitors or prams, it can be worth shopping around or checking in with family or friends who have already raised a family to see what cheaper alternatives exist.”