A recent study by Laya Life reveals that the average annual cost for families raising a child in the country has surged to approximately â¬15,000, a 39% increase over the past ten years. The primary culprits for this rise include steep hikes in costs for nappies, baby formula, and food, with the latter seeing a staggering 61% increase. Interestingly, expenditures on discretionary items such as holidays and gifts have declined, alongside a reduction in spending on third-level education, possibly influenced by recent budgetary changes. Importantly, more parents are now engaging in future financial planning to accommodate these rising costs.
The relentless inflation and rising costs have made raising a child significantly more expensive, with families now spending around â¬15,000 annually.
The findings indicate that food costs have spiked by 61% over the past ten years, illustrating the financial pressures on families.
Despite increased expenses, many families are reducing spending on discretionary items and focusing on savings, reflecting a shift in priorities.
JP Hughes noted the importance of planning ahead, as one in two parents now make savings plans for their children's future.
Collection
[
|
...
]