Latest news with #LayaLife
Irish Daily Mirror
14-05-2025
- Business
- Irish Daily Mirror
It now costs €169,000 to raise a child in Ireland
The cost of raising a child from cradle to college has jumped by 60% in the last decade, soaring by an extra €65,000. A health insurer survey found that the cost was €105,000 in 2015 – but now costs €169,000, the firm revealed this week. It has calculated that the costs amount to €15,00 a year, with food, college fees, and rent support accounting for the biggest outlays. Mum-of-two Kel Galavan, who is a financial expert and money coach said the new figures from Laya Life's Cradle to College Cost Index, warned that the costs involved highlight the 'financial landscape for Irish families'. Several vital elements were factored into the calculations for the two-decade long financial support. These include nappies, baby formula, pocket money, birthday presents, family holidays, communion and confirmation gifts, university fees, and rent support. A survey spokesperson said: 'The new research shows a dramatic rise in the cost of raising a child in Ireland. A survey of 1,000 parents revealed that the total cost to the average household, to age 21 has climbed to €169,372.85, which is a 60% increase since 2015." The survey spokesperson added: 'Parents say that the first year of a child's life (23%) and their teenage years (24%) are the most financially demanding on the household budget. Delving deeper and breaking down the data further, it shows the average cost per child, per year, from cradle to college, is €15,324.20. This is an increase of 39% in the last 10 years.' In 2015, parents said the annual spend on nappies was €3,197.52 but this has now increased by 61% to €5,148. Baby formula has gone from €541.68 a year in 2015 to €1,456 a year in 2025, a jump of 169%. Pocket money accounted for €642.72 of a family's budget a decade ago but this year it has gone up by 86% to €1,196. Rent support is also up, going from €3,320.76 in 2015 to €4,536 this year, a rise of 37%. But the family spend on birthday presents for a child in 2015 was €499.08 and this is now €148 – a drop of 70%. Similarly, family holidays have fallen by 35% from €1,653.72 in 2015 to €1,079, while communion and confirmation gifts are down from €573.72 in 2015 to €120 this year, according to Laya. University contributions are down by 16% from €4,056.24 to €3,387 in the same period. The survey spokesperson said: 'Changes in spending over the decade reflect the influence of economic and societal factors on family expenses.' Money expert Galavan warned: 'These figures illustrate the evolving financial landscape for Irish families. It's becoming increasingly important to consider financial planning strategies. The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third level education. 'Worryingly, less than half (48%) of Irish parents have life insurance, leaving them vulnerable should the unexpected happen. This underscores the critical need for families to prioritise financial security and protect their loved ones in the face of these evolving economic challenges.' Interesting key stats to emerge from the survey's findings include that over half (55%) of parents plan to help their children financially when they want to buy their own home. Around 33% anticipate general support being needed until their children are aged 25 or older. In 2015, the average age parents expected their children to be fully independent at was 24, highlighting the continued need for parental support well into adulthood, and this remains consistent in 2025. Some 73% of parents said they put too much pressure on themselves to give their children everything. Despite the high costs of raising children, only 51% have made a savings plan to cover the future costs of supporting their children until they are old enough to support themselves. This is an increase compared to the 2015 Index, when 31% of parents had a future savings plan. The research also revealed that families are making difficult choices when it comes to larger discretionary expenses. For example, spending is down on family holidays, gifts for life events, and even third-level education. The decrease in university fees paid by parents, which is down by 16%, could suggest that students are increasingly funding their own education through loans or part-time work, according to analysts. JP Hughes, who is head of Laya Life, which is now part of AXA insurance, said: 'The 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.'
Irish Times
13-05-2025
- Business
- Irish Times
Paying the bills for your child: costs soar to €169,000
The cost of raising a child has risen by 60 per cent in the past decade, new research has claimed, with the total cost now standing at an average of €169,000. The research from Laya Life looked at the cost of supporting a child from birth to college age, with costs for everything from nappies and food to rent support climbing. 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 61 per cent increase in the past decade, while spending on baby formula has also risen sharply. READ MORE Families are also paying out more in pocket money to children, which has increased by 86 per cent, while rent support for older children has risen by 37 per cent. The average cost for raising a child per year, has climbed almost 40 per cent to €15,324.20 in the past decade. However, spending on discretionary items was lower, with holiday spending down 35 per cent compared with a year ago. Spending on gifts for life events such as communions was also lower, and spending on third-level education had also fallen, with 16 per cent less spent by households. Future planning has improved, with one in two parents making 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. 'This increase in the cost of raising a child over the past decade reinforces the value of financial planning for Irish parents,' said head of Laya Life, JP Hughes. '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, with 30 per cent expecting to support their children until they are 25 or older.
The Journal
13-05-2025
- General
- The Journal
How much would you give a child for their Communion?
FIRST HOLY COMMUNION season is in full swing as children across the country of Catholic and other Christian faiths prepare to take the Eucharist. This time of year also brings the debate over how much money is appropriate to give a child on the big day. A new survey by Laya Life found that parents have reduced how much they are spending on a child's communion, but what about gifts for children that aren't your own? So today we're asking: How much would you give a child for their Communion? Poll Results: €50 (244) Depends on my relationship with the child (185) €20 (184) €100 (38) I don't give money for Communions (31) €10 or less (27) More than €100 (13) €10 or less €20 €50 €100 More than €100 Depends on my relationship with the child I don't give money for Communions Vote
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Cost of raising a child from 'cradle to college' has grown 60% in 10 years, study says
The cost of raising a child from 'cradle to college' has risen a staggering 60% in the last decade to just under €170,000, a new survey has found. Furthermore, almost three in four parents (73%) say they put too much pressure on themselves to give their children everything as household budgets continue to be squeezed. The survey for Laya Life of 1,000 parents found that they are split on what years are the most financially demanding on the household budget, with 23% of parents saying the first year of their child's life compared to 24% who say it's the teenage years. The figures suggest that the average cost per child per year in Ireland, from when they are a baby to when they become adults, is €15,324.20. To arrive at the figure of €169,372.85 to raise a child to adulthood in Ireland, the survey multiplied this average figure by 21 years and then divided by the average number of children per household (1.9) according to the Central Statistics Office (CSO). Where does the money go? In terms of where the money goes, the survey provided a breakdown to show were spending has risen sharply, and some places where it has fallen, since 2015. A decade ago, parents were spending €3,197 on average on food for their children each year. This has increased 61% to €5,148, according to the survey. According to the latest consumer price index from the CSO, households are facing surging prices for some staples well beyond the headline inflation rate of 2.2%, with milk (up 12.4%), butter (up 16.4%) and beef (up 12.9%) all rising sharply. Nappies and baby formula have also surged by 188% and 169%, respectively, to an average of €1,456 each a year. Pocket money has also risen significantly, with parents doling out €1,196 on average a year compared to €642 a decade ago. For those older teenagers who may be living away at college, rents have also risen from €3,320 a year in 2015 to €4,536 in 2025. On the other hand, parents are now saying they are spending less than they did 10 years ago on other items such as communion and confirmation gifts (down 79% to €120), family holidays (down 35% to €1,079) and birthday presents (down 70% to €148). Looking further ahead, over half of parents in the survey said they plan to help their child financially when they want to buy their own home. A further three in 10 said they believed that support will be needed until their children are aged 25 and over. Reacting to the figures, money coach and mother-of-two Kel Galavan said: 'They illustrate the evolving financial landscape for Irish families. It's becoming increasingly important to consider financial planning strategies. 'The research demonstrates that families are adapting to increasing costs, particularly for essential goods such as food and baby items, by re-evaluating expenditures on holidays, celebrations, and third-level education.' Read More Irish consumers make permanent switch to own-brand labels
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.
