Half Of Millennial Parents Underestimated Cost Of Having Kids

  • 4 years ago
According to Business Insider, a new Bank of America report shows that 59% of millennial parents underestimated the cost of raising children.
The report surveyed over 1,900 Americans, with millennial respondents aged 24 to 41.
The cost of raising kids in the U.S. is the most expensive it's ever been.
A Merrill Lynch report says that the average cost to raise a child today is $230,000.
This accounts for childcare costs, grocery and health expenses, and education.
According to the surveys done, finances are one of the top reasons why American millennials aren't having kids or are having fewer kids that they initially considered.