You might want to get the IOUs ready for the folks who raised you...

Answer: Around $240,000

Questions: 

• Do you think the financial investment in raising a child is justified by the emotional and societal benefits of having children? Why or why not?
• How does the cost of raising a child impact a family's financial stability and future planning?
• What economic factors should parents consider before deciding to have children?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CBS): 

"Millions of Americans struggle to put money away, leaving them empty-handed as they approach one of life's key financial milestones. 

No, not retirement — having a child, which new research shows is getting more expensive by the year.  Raising a child from birth to age 18 now costs an average of $237,482, according to LendingTree. And as with other major household spending categories, like health care and college, the tab for bring up kids is surging, with the financial firm finding that the average annual cost of child-rearing stood at $21,681 in 2021 — up almost 20% from 2016."

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The COMPARE: Needs vs. Wants activity will have your students thinking critically about their budgeting priorities.

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Looking for more budgeting resources? Check out the Budgeting unit page.

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.