CNW
When young couples think about starting a family, the first expenses that come to mind are often parental leave and childcare. While these early costs can certainly impact household finances, the cost of raising children doesn’t stop there. While growing children can sometimes mean growing costs, there are steps parents can take early on to ensure they aren’t caught off guard.
TD Economics estimates raising a child born today to the age of 18 can cost as much as $233,000* – something parents may not be fully prepared for. Recent research from TD Canada Trust shows the majority of Canadian parents (57%) are not prepared for all of the costs associated with raising children
About The TD Canada Trust Bundle of Joy 2013 Poll
TD Bank Group commissioned Environics Research Group (www.environics.ca) to conduct an online custom survey of 3,645 Canadian parents. Responses were collected between January 10 and 25, 2013…This figure, reflected in 2013 dollars, is based on estimated costs for 8 items (food, clothing, healthcare, transportation, childcare, housing expenses, personal care and Recreation, Reading and School Supplies). TD Economics recognizes that child-raising costs can vary widely by region and by family. While many families have stay-at-home parents, the estimate assumes that a child is enrolled in daycare until age 11. This cost accounts for about one-third of the total cost.