Monday, August 9, 2010

The Cost of Raising a Young Adult

Can you believe the price of gasoline these days? Have you checked out the how expensive a gallon of milk is? School supplies and back-to-school clothing are going to bankrupt us! As a parent, you are well aware of the costs of raising a child today. Providing for a child’s needs (and wants) such as food, clothing, entertainment, school supplies and medical care is endless and expensive!

The average family will spend $221,000 to raise a child born in 2008 through the age of 17. When you adjust for inflation, expenses rise to about $292,000. Single-parent households spend only about 7% less than 2-parent households – around $271,560.

However, parents don’t stop spending when children reach young adulthood. New research from the University of Michigan finds that the giving goes on for another 17 years. Between the ages of 18 and 34, young adults receive an average of $38,000 in financial help from their parents. That figure doesn’t even count college costs!

That’s not all. Parents donate their time to their adult children, too. For those living with their parents after the age of 17, children receive about 9 weeks of full-time labor – per year- from their parents. No wonder I’m so tired (and broke) all the time!

1 comment:

  1. I never thought about what I was spending on my older children until now. It IS a lot! But I guess I didn't expect to stop spending just because they graduated from high school.


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