Concept

Cost of raising a child

Summary

The cost of raising a child varies from country to country. The cost of raising a child is usually determined according to a formula that accounts for major areas of expenditure, such as food, housing, and clothing. However, any given family's actual expenses may differ from the estimates. For example, the rent on a home does not usually change when the tenants have another child, so the family's housing costs may remain the same. In other cases, the home may be too small, in which case the family might move to a larger home at a higher cost. The formula may also account for inflation, as prices are constantly changing, and it will inadvertently affect how much it costs to raise a child. According to Globalissues.org, "Almost half the world—over three billion people—live on less than US

2.50 a day." This statistic includes children. The calculation of the cost to raise a child in developing countries is difficult, since families often do not operate with currency, but barter or trade to provide for their children. It is argued that in developing areas the balance between earnings and costs of having children is changing, because the mean number of children per couple in many developing areas has decreased dramatically, especially in Asia, North Africa and the Near East. According to a 2020 report, 356 million children – 17.5 per cent – live in extreme poverty (less than US

1.90 a day). Argentina's INDEC provides a breakdown of minimum costs per person in household, known as the "canasta básica total", this metric doesn't measure the average cost, but the minimum cost (poverty line) and is published monthly. All values are per "equivalent adult". Data for June 2022. Exchange rate 1 US dollar is 135,7500 ARG (July 2022). This aggregates to around $ 41,501.40 from birth to 18 years old. Based on an estimate by Economic Times in April 2011 and adjusted to inflation for August 2022, the cost of raising a child from birth to age of majority (21 Years) for a middle to upper-middle income family comes to about in total.

Official source

https://en.wikipedia.org/wiki/Cost_of_raising_a_child

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