The cost of raising a child has risen by 60 per cent in the past decade and now stands at an average of €169,000 from birth to age 21, or around €8,000 per annum.

The research from Laya Life looked at 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.

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.