Raising a child is one of the biggest costs a family will face, and it helps to be financially prepared for it. Here we look at the cost of raising a child in Australia.
While it’s common knowledge that children bring indescribable joy to their families, they also come at a large financial cost. The most recent NATSEM report1 found that the cost of raising a child has risen twice as fast as incomes over the last 8 years. Meanwhile the median age of people moving out of home is currently at 20.9 years which is as late as its ever been.
If these trends continue, the importance of having a sensible budget and savings plan in place to ensure the best for yourself and your kids is critical.
Here’s what you can expect to fork out along the road ahead…