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.
Raising a Child
The average family has 2.7 children and seeing as 30% of primary students and 40% of high school students are now in non-government education, parents are more prepared than ever to invest in their children’s education.
Children are now more demanding than ever and expect to constantly be given what in pastimes would have been considered occasional ‘luxuries,’ or even annual gifts.
At the Australian Lending Centre, many clients have children and are all too familiar with the financial burden they can produce. With Australians in more debt than ever before, it is time, especially if you have children, to sit down and construct a family budget.
The debt spiral is tricky for anyone to climb out of, but when you add children to the mix, there are always unforseen payments such as emergencies, dental work, school excursions etc that cannot necessarily be accounted for.
The Australian Lending Centre is a specialist in debt consolidation loans, refinancing and even debt agreements. If your debt has reached a point where you are no longer able to meet your repayments on time, it may be well worthwhile to call and speak with a debt consultant today.
For information on debt consolidation strategies including low interest rate debt consolidation loans, contact the Australian Lending Centre on 1300 138 188, alternatively if you fill out an enquiry form on the right, a debt consultant will contact you shortly.