The cost of looking after a child until they turn 21 has surged to €169,000, according to a new survey by Laya Life. 

The insurance firm’s Cradle to College Cost Index surveyed 1,000 parents on their outgoings and found a steep rise in expenditure over the past decade - up 60% since 2015. 

On Newstalk Breakfast, financial advisor Kel Galavan said the figures would not surprise anyone. 

“If you think about the last few years, just even taking inflation and the cost of living rising up,” she said. 

“You can see it across all the different products coming in the door practically every day with my job - people are feeling the pressure.”

A mother giving her daugther pocket money. Alamy.com

Ms Galavan added that there are some items that “we’ve all felt that in our pockets”. 

“One is definitely a no-brainer - that’s the cost of food,” she said. 

“That’s up by 61% since 2015.

“Other things like nappies, baby formula, they’ve jumped up as well. 

“They’re more necessities rather than needs - so, they’re things that we have to pay out for. 

“Even little things like pocket money and stuff, that has gone up.” 

Saving for the future

Ms Galavan continued that many parents are cutting back on the cost of holidays and communions but that “some nice things are happening” as well.  

“More parents now, about 51%, are trying to save more for the future because they see that their children might be dependent on them longer,” she said. 

“So, maybe they might be able to help them with a house in the future, things that they wouldn’t have had to consider years ago.” 

Ms Galavan said that many people will look back on their own childhoods and rightly conclude that life “was a bit simpler” when they were children. 

“Education has become so much more important, going to college has become so much more important,” she said. 

“And getting a home, if you saved up before you had a good chance of getting a home - that’s not as easy now.” 

When asked whether she thought parents indulge their children too much, Ms Galavan said, “It’s important to give parents a break because life is expensive, there are demands out there.” 

Main image: A mother giving her children pocket money. Picture by: Alamy.com