Whether you have kids or are planning on having them in the future, raising a child can be very expensive.
According to the National Centre for Social and Economic Modelling's 2013 Income and Health Report, the typical middle-class Australian family will spend approximately $812,000 raising a child from birth to adulthood.
This figure is 50% higher today than it was in 2007. Interestingly, while the cost of raising a child has soared 50% since 2007, data from the Australian Bureau of Statistics shows household incomes have only increased by 25%.
In this three-part series, we’ll look at the costs associated with raising a child and how you can be adequately prepared.
During your child’s early years, the biggest costs are likely to be childcare and schooling, but there are a number of products that can lessen the financial burden.
As your financial adviser, I can help you identify which financial products may work best for your situation. Some of the more common financial products that parents or parents-to-be can use in order to prepare for their children include: