Somehow we need to make this more affordable.
We can't count on Elon alone to keep producing children. pic.twitter.com/nuPAzFqRMt
— Wall Street Mav (@WallStreetMav) June 26, 2024
According to a recent NerdWallet survey conducted by The Harris Poll, here are some key findings related to the cost of raising children:
- Overall Cost: Around 1 in 5 parents of minors who don’t plan to have more kids (22%) cite the overall cost of raising another child as too high. This concern is shared by 30% of millennial parents who don’t plan to have more children.
- Child Care Expenses: Child care is a significant cost consideration in the early years of raising a child. Americans who pay for full-time child care report an average monthly cost of $631 per child, with 21% paying more than $1,000 a month.
- Financial Stress: For 20% of parents with children under age 18, the cost of child care is their biggest financial stressor.
The financial burden associated with raising children can indeed be daunting, leading some individuals to choose not to have more kids due to the high costs involved.