Having a baby? Here’s something for you to consider: A baby’s first year could cost parents up to $16,000, according to a new study. The biggest expense during a baby’s first year is childcare, which roughly costs about $6,500.
Having a baby? Here’s something for you to consider: A baby’s first year could cost parents up to $16,000, according to a new study.
“Recession fears and concerns about financial stability also worried 52% of parents. And these fears led 25% of parents surveyed to say they’re having fewer children. ” All of this is taking its toll on would-be parents. In fact, the U.S. birth rate fell 4% in 2020, the largest single-year decline in nearly 50 years, according to a Centers for Disease Control and Prevention report.
According to a separate survey of 1,515 parents by BabyCenter, these baby expenses on average take up 27% of parents’ total income. Three in four parents admitted that they are stressed about family finances.
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