Millennials,United States Department of Agriculture

There’s a reason millennials are having fewer kids

January 20, 2017
in Kids

The Department of Agriculture estimated in a January report that the first year of a child's life costs middle-income parents $12,680. Millennials, however, appear to think the price tag is much larger. Young millennials, ages 18 to 25, pegged the average cost of a child’s first year at $30,631, according to a poll by Bankrate, a consumer financial information site. Millennials' older counterparts, ages 26 to 35, expected the cost at $23,357, while respondents between the ages of 36 and 51 had similar expectations of $23,991. Those 71 and older had the highest cost expectations, with $33,291 for the child’s first year of life, while respondents ages 52 to 61 had the lowest, with $19,355. Claes Bell, a data analyst at Bankrate, attributed the disparities on the older and younger ends of the age spectrum to those respondents’ lack of familiarity with child rearing. “They’re probably the most far removed from the cost of raising a child,” he said, adding that millennials “don’t have the hands-on experience,” while costs of bringing up a baby have changed significantly from the days...

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