According to the findings, childcare and third level fees are the most expensive costs that parents have to contend with, however these are just two of a number of costs, including food, clothing, health expenses, hobbies, holidays, haircuts, nappies and baby formula.
Childcare costs an average of €4,049.92 per child per year, while third level fees cost a similar figure. Other expenses per year include:
-Food – €3,197.52
-Health, including GP and dental fees – €647.76
-Nappies – €505.08
-Baby formula – €541.68
-Hobbies and toys – €455.76
-Kids’ parties – €414.36.
The research found that the average age at which parents expect their children to be fully independent is 24 years, although many parents would like to be able to financially help out their adult children at certain times in their lives, such as when they are buying their own home, getting married or having children of their own.
The research also highlighted the fact that at least two in three parents have not estimated the future costs of supporting their children. Furthermore, almost half of parents have admitted to cancelling various insurances to cut back on costs, while at least one in four have cancelled their pension for the same reason.