Answer: $310,605
To ask:
- Do you think the financial investment in raising a child is justified by the emotional and social benefits of having children? Why or why not?
- How does the cost of raising a child impact a family’s financial stability and future planning?
- What economic factors should parents consider before deciding to have children?
Behind the numbers (Investopedia):
“Raising a child can be an emotionally rewarding experience. But it can also be very costly. Statistics from the Brookings Institution, an economic think tank, show that the average middle-income family with two children will spend $310,605 to raise a child born in 2015 (latest information) until age 17 in 2032.”
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The COMPARE: Needs vs. Wants activity will get your students thinking critically about their budgetary priorities.
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Looking for more budgeting resources? View the Budgeting Unit page.
About the author
Dave Martin
Dave joins NGPF with 15 years of teaching experience in mathematics and computer science. After joining the New York City Teaching Fellows program and earning a master’s degree in educational administration from Pace University, his teaching career took him to New York, New Jersey and a summer in northern Ghana. Dave believes financial literacy is essential to creating well-educated students prepared for a complex and highly competitive world. In the free time that two young daughters allow themselves, Dave enjoys video games, Dungeons & Dragons, cooking, gardening and taking naps.
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