Financial Planning

The Cost of Raising a Child is now $1 Million

The cost of raising children to 18 has hit the million dollar mark research suggests.  In comparison to the days where children where entertained more simply, parents are now finding themselves forking out for expensive toys, the latest technologies and private lessons for dance, sport, music and schooling.

Considering the average child now stays at home until the age of about 24 the real cost to the Australian parent of raising children is said to be roughly $1,028,093.

Generation Z, (those born from 1995), are the most financially endowed generation of children ever.  Every child has their own set of everything. They are definitely not in the era of shared toys or hand-me-downs.