Cost of Raising Children
In a recent study AMP.NATSEM 33 – The Cost of Kids, the report looked at the cost of raising Australian children.
The findings of this report can be summarised as follows:
1. It costs a typical middle income family $812,000 to raise two children from birth until they leave home. In 2007 the comparative cost was $537,000.
2. Since 2007 the cost of childcare and education has increased significantly.
3. The average weekly income of a “Middle Income family” is $2,274 per week. For a “High Income family” it is $4,984 per week. For an “Average Income family” it is $2,612 per week.
4. On average a family with one child costs $281 per week. A family with two children the average cost per child is $232 per week. A family with three children the average cost per child is $193 per week.
5. 18 to 24 year olds cost five times more per week than children aged between zero and four.
6. 90% of males with children work full time.
7. 23% of females with children younger than 5 years old work full time.
8. 44% of females with children older than 5 years old work full time.
Quinn Financial Planning has the expertise to help you manage your family finances so that the cost of bringing up your children is not financially stressful.
Here at The Quinn Group our experienced team of Financial Planners and Accountants can provide you with advice and assistance in regard to Financial Planning. For more advice on the cost of raising children please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.