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Irish Independent
13-05-2025
- Business
- Irish Independent
Cost of raising children shoots up putting huge pressure on families
It now costs families around €15,000 a year to bring up a child in this country. This is up 39pc in the last 10 years, research by Laya Life, a division of Laya Healthcare, has found. Nappies and baby formula are showing the largest increases, with a huge rise in pocket money and food costs for families with teens. Higher costs for families reflect the relentless inflation that has caused a cost-of-living crisis for all households, due to Covid restrictions and the energy shock caused by the Russian invasion of Ukraine in particular. However, there has been a big fall in the costs for families of Communions and Confirmations, possibly indicating a move away from religious observance. Researchers at Laya Life looked at the cost of supporting a child from birth to college age. They found a sharp rise in the cost of everything from nappies and food to rent support. The survey, which questioned 1,000 parents as part of the Cradle to College Cost Index, found the most financially demanding years for parents were the first year of a child's life, and their teenage years. Among the major cost increases for parents were food, which has seen a 61pc increase in the past decade. Food has been costed at €5,148 a year for a child, up from €3,197 a decade ago. ADVERTISEMENT Pocket money has risen by 37pc to €4,536 a year from €3,320. But there has been a fall in spending on discretionary items such as holidays. Spending on breaks is down 35pc compared with 10 years ago. Expenditure on gifts for life events such as Communions was also lower. And spending on third-level education had also fallen, with 16pc less spent by households. This possibly reflects the fact that recent Budgets have seen a €1,000 reduction in the student contribution fees. Future planning has improved. One in two parents make a savings plan to cover future costs associated with supporting their children. That was up from one in three in the last index, Laya said. Head of Laya Life JP Hughes said: 'This increase in the cost of raising a child over the past decade reinforces the value of financial planning for Irish parents. 'Understanding long-term financial security is key, and families need to consider how they can best protect themselves against future uncertainties.' More than half of Irish parents said they planned to help out with their child's future purchase of their home. Some 30pc of parents expect to support their children until they are 25 or older. The research found that seven in 10 parents say they put too much pressure on themselves to give their children everything. Despite the high costs of raising children, only half of the parents who responded to the survey have made a savings plan to cover the future costs of supporting their children until they are old enough to support themselves. But this is an improvement compared with the last Laya Cradle to College Cost Index where only one in three parents had a future savings plan. Laya Life conducted the survey as it offers life insurance and mortgage protection.
The Irish Sun
27-04-2025
- Business
- The Irish Sun
From €450 cash boost to €63.50 tax hike – the three money changes hitting Irish accounts in May
MAY is a month where millions of Irish people will be affected by major money changes - from €450 payment boost to €63.50 money hike. Households across the country should be aware of a number of Advertisement Irish people saw hikes in broadband, healthcare, mobile and But May is set to bring a slower-paced month for cost-of-living changes, but there are major money changes that households across the country should be aware of. MAY BANK HOLIDAY To start with, the May This means thousands of people could see their social welfare payment land straight into accounts as soon as this month. Advertisement Read more in Money The May bank holiday falls on Monday, May 5. And any It will affect those receiving their Child Benefit payment which will also be paid on Friday, May 2 or Saturday, May 3. CARBON TAX It was confirmed that the rate of carbon tax for petrol and diesel would increase to €63.50 per tonne from €56 per tonne on October 9, 2024 as part of the Budget 2025. Advertisement Most read in Money It is expected to reach €100 per tonne as part of a plan to discourage fossil fuel use by 2030. The increase will apply to all other fuels from May 1 SOCIAL WELFARE CUT Six money changes that hit Irish pockets in April Households across the country have seen a new social welfare boost, price hikes and payment cuts in April. SOCIAL WELFARE CUT The weekly €33 Fuel Allowance was previously issued to 409,721 Irish households. The cash, which is worth a total of €924, started on September 23 last year and LAYA HEALTHCARE Around 700,000 Irish customers will now have to pay more for their health insurance. Laya Healthcare increased its premiums by an average of seven per cent from April 1st, blaming the cost of delivering healthcare hitting new highs. And the combination of all three increases could see the cost of policies rising by more than 17 per cent. SSE AIRTRICITY Household electricity and gas prices increased from April 2, 2025. Customers will pay an extra €171.55 for electricity and €113.15 per year for gas. SKY, EIR, VODAFONE & THREE But both Eir and Vodafone have now changed to a fix annual charge for every April. Vodafone's broadband plans will increase by €3.50 a month each April going forward while its broadband and TV plans will go up by €4.50 a month each April. Sky customers' costs rose by up to €96 a year from the start of April, with JOBSEEKER'S BENEFIT The Pay-Related Jobseeker's Benefit was rolled out from March 31, providing a huge boost for thousands of people. NO TAX CUTS & JOB FEARS There are fears 80,000 Irish jobs could be lost amid US tariff chaos, Minister for Finance Paschal Donohoe has revealed. US president Minister Donohoe warned the "worst case scenario" could see between 50,000 and 80,000 jobs that would have been either created or kept within the Irish economy lost. Motorists will pay an additional €1.28 and €1.48 for diesel for a 60l tank. And the household gas bills will also see a rise of around €16 manually. Advertisement JOBSEEKER'S BENEFIT The Pay-Related Jobseeker's Benefit was rolled out from March 31, providing a huge boost for thousands of people. It will be available for those who become fully unemployed on or after March 31 and have enough pay-related social insurance contributions, also known as PRSI. This means, anyone who became unemployed in May can now apply for the social welfare boost, which can be worth up to €450. There are three different rates of payment for those who become fully unemployed after March 31. Advertisement A maximum of €450, or 60 per cent of your prior income, will be available for people who have made at least five years PRSI contributions and will be paid for the first three months. A second rate of a maximum of €375, or 55 per cent of your prior income, will be paid for the following three months. And a third rate of a maximum of €300, or 50 per cent of your prior income, will be paid out for the final three months. As part of the requirements for the social welfare payment, you must Advertisement 1 Households should be aware of a number of coming next month Credit: Getty Images - Getty
