Missoulian (MT)
March 30, 2018
Today, roughly one
in five women in the U.S. doesn’t have children. Thanks in part to this decline
in birthrate, for the first time in U.S. history, there may soon be more
elderly people than children.
Based on trends in
costs, it’s evident why many families are choosing to have fewer children – or
in some cases, no children at all.
The cost of having
children in the U.S. has grown exponentially since the 1960s, when the
government first started collecting data on childhood expenditures. Between
2000 and 2010, the cost shot up by 40 percent.
As of 2015,
American parents spend, on average, US$233,610 on child costs from birth until
the age of 17, not including college. This number covers everything from
housing and food to childcare and transportation costs. As a mother myself, as
well as a sociologist who studies families, I have experienced firsthand the
unexpected costs associated with having a child.
This spike costs
has broad implications, affecting everything from demographic trends and human
capital to family consumption.
Labor and delivery
The overall costs
of labor and delivery vary from state to state.
Expenses for a
delivery can range from $3,000 to upwards of $37,000 per child for a normal
vaginal delivery and from $8,000 to $70,000 if a C-section or special care is
needed.
These costs are
often a result of separate fees charged for each individual treatment. Other
factors include hospital ownership, market competitiveness and geographical
location.
It’s worth noting
that these costs often include additional fees for ultrasounds, blood work or
high-risk pregnancies.
As a result, for
women who are concerned about the costs related to giving birth, it’s important
to explore the average costs at their local hospitals and review their
insurance plans before they decide to become pregnant.
Childcare and
activities
The U.S. Department
of Health and Human Services deems childcare affordable if no more than 10
percent of a family’s income is used for that purpose. However, parents
currently spend 9 to 22 percent of their total annual income on childcare, per
child.
Childcare has
become one of the most expensive costs that a family bears. In fact, in many
cities, childcare can cost more than the average rent. This is particularly
challenging for low-income families who often do not make more than minimum
wage.
What’s more, over
the past century, Americans significantly shifted in the way that we see
childhood. Whereas, in the past, children often engaged in family labor, now
children are protected and nurtured.
Yet children’s
activities can be costly. For example, Americans families will spend on average
$500 to $1,000 per season on extracurricular or sports activities for each of
their children.
In fact, due to the
rising costs of sports, the number of children who aren’t physically active has
increased to 17.6 percent. Being physically inactive is even more likely for
low-income children, who are three times less likely to participate than
children who reside in higher-income households.
Another hidden cost
associated with having a child is that of time. In my experience, many parents
do not realize how much time they will invest in their children, often at the
cost of personal freedom and work expectations.
In fact, the
American Time Use Survey shows that, on average, parents with children under
the age of 18 spend about 1.5 hours per day on domestic and childcare
responsibilities. Women spend 2.5 hours a day, while men spend roughly only one
hour on these tasks.
Weighing the causes
Researchers at Pew
argue that the recent decrease in birthrate has as much to do with the Great
Recession in 2008 as it does with the increase of women who are not willing to
sacrifice their careers for family.
This speaks to yet
another cost of having children: Mothers are often pushed out of careers or
“opt out,” based on high demands of balancing family and work-life balance.
Researchers have
also found a growing trend of men and women who become single parents by
choice. This group of parents prioritize children over marriage and often are
on single incomes. That also contributes to the reduction in overall
childbirth, from a financial and practical perspective.
Ultimately, the
decision to have a child is a personal one. The data show that the burden of
costs and the stress of family life are real. Yet, despite the costs associated
with having a child, many parents report overall satisfaction with their
marriage and family life.
Considering the
high costs of having of a child, coupled with the tension in balancing
family-work life matters, states and companies are starting to invest in family
support policies, parental benefits and competitive education. And individuals
are creating more innovative approaches to managing family-work balance, such
as a reduction in working schedules, family support and a push for more shared
responsibilities within the home.
___
Heidi Steinour,
Visting Instructor in Sociology, University of South Florida
This article was
originally published on The Conversation. Read the original article.
https://insurancenewsnet.com/oarticle/baby-bust-5-charts-show-how-expensive-it-is-to-have-kids-in-the-us-today?utm_source=Newsletter&utm_medium=email&utm_content=subscriber_id:&utm_campaign=AdvisorNews04022018
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