2023-09-15 02:46:04
With the cost of living rising, many Americans will have to tighten their belts if they want to have children since the cost of raising them to age 18 continues to rise.
In fact, every year, the fees parents have to pay are more and more expensive, according to research conducted by Lending Tree. It is then estimated that the average annual cost amounted to US$21,681 (CA$29,265) in 2021, or 20% more than in 2016. Thus, raising a child until the age of 18 would cost on average nearly US$240,000, according to CBS News.
Note that Lending Tree’s research only includes “barely necessary” expenses, such as food, clothing and health insurance. Therefore, extracurricular activities such as sports or extracurricular courses are not included in this average.
“It’s completely understandable that people are scared to death regarding how they’re going to pay to raise this child. It’s intimidating when you consider that we don’t even take into account the cost of university studies, for example, in these figures,” said Matt Schulz, chief credit analyst at Lending Tree, in an interview with the American media.
You should also know that the geographical aspect has an important influence. So, in some states it is more expensive to have children.
“Even in the cheapest state, you’re still spending $15,000 a year to raise a child, and there’s no place in this country where that amount of money won’t be significant to the average person », specified Mr. Schulz.
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