- October 12, 2011
Earlier today in the office, one of my fellow Chimps made the brash claim that he wanted to have six kids. Which begged the question – how much would it cost to raise all these adorable bundles of colic and wet diapers? Compiling data from a number of sources, including the USDA and Costhelper, Visual Economics pulled together a neat infographic showcasing the expenses associated with raising children.
Unsurprisingly, raising a kid today is considerably more expensive than raising a child in the 60s; however, it’s worth noting that almost all of this increase comes from the “Childcare and education” category receiving a significant bump. (Note: these are pre-college costs for raising a child, so I wonder if that means more parents these days are putting their kids in private schools for better opportunities, hiring more babysitters to help manage their busy schedules or something else.) I’d be curious to dive into this data more to uncover difference in expenditures based on income, number of children and age of parents. I would certain suspect that an upper middle-class family with two children would spend more per child than a family living on the poverty line with the same number of children.
That all being said, one thing is for certain: having kids is a huge investment; it’s good to know what you’re getting into.