Cost of Raising a Child report, please visit the Bab圜enter Blog.īab圜enter is the world’s partner in parenting. It may not be the American Dream that they grew up believing in, but it’s a healthy combination of merging their traditional beliefs with their financial realities.”įor more information on Bab圜enter’s 2016 U.S. “Also, meeting with a financial planner or using a budget tool such as Bab圜’s Cost Calculator is a great way for new parents to get insight into their finances so they can afford the experiences they value as well as save for the future.
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“Though the idea of the American Dream is changing, parents can still make the most of their finances by establishing a budget based on realistic expectations and learning how to manage day-to-day living expenses in order to meet short- and long-term goals,” said Andrea Woroch, a Bab圜enter financial contributor. And, though nearly 60 percent of moms are currently paying off their own student loans – a 21 percent increase since last year – 55 percent are putting money away for their children’s college education. Sixty-three percent of moms selected a college education for their children as the top desire on their lifetime bucket list. One of the most valuable experiences parents want their children to have is higher education. Their happiness is rooted in relationships, time together as a family, and experiences,” said Murray. “For this generation, it’s about making enough money to acquire time, not things. When asked what was on their lifetime bucket list, early retirement was listed slightly ahead of earning a big salary. In fact, trips or moments to share together as a family are the top areas mom would be willing to splurge on, and following happiness (59 percent), moms ranked their main priorities as a good marriage (58 percent), good health (55 percent), and raising their children (52 percent). Today, they are placing more value on shared family experiences and making lasting memories than on material possessions,” said Linda Murray, Bab圜enter Global Editor in Chief. “Given their new financial realities, parents are redefining what the American Dream means to them. It’s not the traditional American Dream that 81 percent of moms said they expected to follow, but even with harsh financial realities, these parents are creating rich, rewarding family lives.
Also, 1 in 4 is receiving financial aid from a parent or family member, and 1 in 3 is experiencing relationship issues with their partner due to working longer or irregular hours. Bab圜enter also found that 9 out of 10 moms are in debt and nearly 4 in 10 don’t see a day when they will be entirely debt free. In 2016, 7 out of 10 moms say they are worried about having enough money to raise their kids – a 5 percent increase since last year. More than 1,100 Bab圜enter moms completed the survey, which found that parents spend an average of $13,000 per year on each child. Cost of Raising a Child report, which examines the rising cost of having a baby. PR Newswire, San Francisco – October 5, 2016īab圜, the #1 pregnancy and parenting digital resource, today released its 2016 U.S. Bab圜enter Cost of Raising a Child Report Explores What the American Dream Means Today More Than Half of Moms Say Their Attitudes Toward the American Dream Have Changed Only 5 Percent Prioritize Owning a Home 90 Percent of Moms Value Experiences Over Material Possessions While Nearly 60 Percent Say Top Priority in Life Is Being Happy
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