Experiencing a significant financial shift during parenthood
In the heart of 2023, Statistics Canada published a revealing study on the cost of raising a child in Canada. The findings paint a comprehensive picture of the financial burden that comes with parenthood.
One key takeaway from the report is the impact of advertising on new parents. Advertisers often encourage purchases of items like baby wipe warmers, bottle warmers, maternity photoshoots, and baby vital signs monitors, among others.
For many families, the financial strain starts even before the baby arrives. Noémie Perrier-Malette, a soon-to-be mother, is aiming to save $25,000 by the time her baby arrives in November. This is due to the Quebec Parental Insurance Plan (QPIP), which sees Noémie's income drop significantly during maternity leave, with her receiving 70% and then 55% of her usual income.
The cost of raising a child varies significantly according to various factors, including income level. For instance, a family with an average income spends around $375,000, averaging about $21,000 per year. This figure includes the cost of basic equipment, clothes, and nursery decoration for a newborn, which can reach approximately $4500. The cost of diapers alone in the first year can reach around $900.
The need to move to a larger, more expensive home is another factor affecting the total cost. In big cities, rent for a two-bedroom apartment ranges from about 1,000 to 3,000 CAD per month. Food prices are higher than in many European countries, and additional childcare costs apply.
However, not all families face these costs equally. Some receive help, gifts, and loans from their surroundings, while others do not. Claudia Lalancette, for example, spent 'few hundred dollars' on maternity clothes and healthcare expenses like physiotherapy sessions or private medical tests.
Breastfeeding can offer some financial relief, as it saves money on the cost of a breast pump or formula. Opting for reusable diapers can lead to significant savings despite an initial heavy investment. Noémie, for instance, finds essentials for her baby's arrival second-hand to save money.
The cost of raising a child from birth to adulthood can climb even higher for high-income families, reaching $545,000, averaging about $30,000 per year. Parents often find themselves targeted by advertisers after the slightest online search, which can add to the overall expense.
In conclusion, the cost of raising a child in Canada is substantial, with many factors contributing to the total cost. However, strategies like budgeting, second-hand shopping, and breastfeeding can help families manage these expenses more effectively.
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