Research undertaken has found that between maternity healthcare, baby-proofing and essentials such as car seats, parents can expect to pay an average of €14,532.12 before their baby’s first birthday.

According to the survey, parents who opt to return to work at the end of their paid maternity leave entitlement can expect to spend on average €5,012 on childcare.

The costs for parents begin to mount long before the baby is born, as parents who opt for private maternity healthcare could face hospital bills of anywhere between €3,000 and €5,000.

However, between tax relief and health insurance cover the research estimates that parents opting for private healthcare will pay an average of €2,908 more than those who opt for the public service.

Meanwhile, the average family can expect to pay just over €150 to babyproof their home if they opt to carry out the work themselves.

In addition, the cost of preparing a room for the newborn will come to just over €700 for the average family with bedding and baby monitors making up the majority of that figure at an average cost of €174.93 and €148.32 respectively.

Among the most expensive items for new parents to purchase according to the AA Life report are prams at an average cost of €657.99 and baby bouncers at an average of €228.33.

Meanwhile, the study estimates that the average family of a newborn can expect to spend €515 on nappies in the first 12 months.

The research was undertaken by AA Life, a life insurance and mortgage protection provider.