Basically on equal term, the costs of raising children are the same for all of us. Children have needs and while we might think of the obvious ones, we need to factor in absolutely everything a child will require until it's independent.
A research breaks down costs into ten groups, whereby the Housing and childcare are the two most expensive, then food. Living in the UAE, the education is another expensive expenditure.
The ten groups include:
- clothing and footwear
- household goods and services (including education)
- personal care
Below article is based on a research in Australia, it is good to know the cost of raising kids in Malaysia.
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
- Image Credit: Supplied
Sydney: Think your children are costing you a lot? You're right, with an Australian study finding that the average child now costs A$1 million (Dh3.33 million) to raise, taking into account toys, holidays and other activities.
A study on Generation Z and the cost of parenting by social analyst Mark McCrindle found a government estimate that it cost $384,543 to raise a child to 18 was way off as this did not include private education, holidays or "non-essential" items.
It also assumed that children would leave home at 18 but this was no longer the case with Generation Z, those born after 1995, as the costs of accommodation and bills were a deterrent to moving out.
"In today's Australian families the majority of young people stay in the parental home and rely on their parents for some of their expenses until their mid-20s. Therefore the cost per household to raise children to age 24 is $834,000," McCrindle from McCrindle Research said in his report.
He said then you had to add the "non-essential" yet "usual" child rearing expenses such as toys, holidays and travel, dining and entertainment, private tutoring and education, sport and activities, furniture and household equipment dedicated to the children's use.
This boosted costs by another $3,000 per child per year.
The A$1 million pricetag was broken down into food costing $206,000, housing and utilities $165,000, recreation and entertainment $157,000, health and other services $153,000, clothing and equipment $129,000, transport $123,000, and education and child care $95,000.