Some would argue that you’re never fully prepared for the challenges that come with parenthood. And, in fact, a new survey backs this notion up with some data, showing nearly half of parents say they weren’t financially ready for all of the costs that come with raising a child.

There’s no doubt that raising children can be costly. In fact, the U.S. Department of Agriculture projects that a family raising a child born in 2015 will have spent an average of $233,610 on child-related expenses by the time the child is 17. Online insurance platform Policygenius surveyed 1,500 parents with at least one child under 18 to see just how much of an impact these costs play in their day-to-day lives.

For many, the impact is overwhelming. A little less than half of the parents surveyed (42%) said they were not financially prepared to have a child. Gender and marital status appeared to play a role in the responses, as 63% of men felt financially prepared to have a child, while only 53% of women also felt that way. Among married parents, 64% felt financially ready for parenthood, but only 38% of single parents felt that way.

Even among respondents who felt financially prepared for parenthood, there was evidence suggesting that more preparation would have been helpful. Nearly a quarter (23%) of parents who said they were financially prepared still reported lacking some financial tools that could likely aid in the child-rearing process — examples include private life insurance, 529 college savings plans and traditional savings accounts.

The study also looked at how parents spent money on their children and found differences between older and younger parents.

Among younger parents (those between 18 and 44), 30% said childcare was the biggest expense, followed by the cost of food (22%), recreation/extracurricular activities (15%) and medical expenses (14%). Among older parents (those 45 and up), 22% said recreation and extracurricular activities weighed the heaviest financially, with other responses including school costs (20%), food (18%) and childcare (18%).

The burden of debt could be one reason some parents feel unprepared for the costs associated with parenthood, as 32% said “paying down debt” was their top financial goal. In comparison, saving for retirement was listed by 21% as most important, while only 10% named buying a house as their No. 1 financial priority.

While it’s impossible to know the future and predict every looming cost associated with raising a child, parents can be better prepared by researching the average costs associated with child-rearing in order to get an idea of what’s ahead. In light of these expenses, some parents might also weigh the pros and cons of staying home with their children vs. continuing to work and pay for childcare costs.