October 15, 2018

Beyond Braces: The Real Expense of Raising Children

“The average cost of raising a child until age 18 today is more than $230,000— but that number only gets higher when children leave the nest. In fact, many parents consider it to be the most expensive stage of parenting, according to Merrill Lynch’s new “The Financial Journey of Modern Parenting: Joy, Complexity, and Sacrifice” report.

The bank surveyed more than 2,500 American parents and found that 79% of parents continue to provide financial support to their adult children — contributing to an estimated $500 billion annually. That’s twice the amount they save for retirement — $250 billion annually — according to the report. There are 173 million parents in the US, according to Merrill Lynch.

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their financial futures,” states the report.

Seventy-two percent of parents revealed they put their children’s interests ahead of their own need to save for retirement. On top of that, 63% of parents reported sacrificing their own financial security for their children’s sake. Specifically, Asian, Latino, and African American parents are more likely to give up financial security for their children, the report found.”

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