It costs an average of $56 611 to raise a child up to the age of five, according to a survey conducted by Practical Parenting magazine.
The publication conducted a research study of over 1 500 parents and found mums control over 80% of household spending, yet 42% say they make sacrifices in their own lives so they can by “top quality items” for their children.
Three key parenting trends have also been identified.
1) Little Emperor Syndrome – with families delaying childbirth, once children finally arrive they become an all-consuming focus. Children become “more cosseted, more precious, more indulged”.
2) Kidults – parents look to provide every opportunity and experience for their kids, “leading to the emergence of educated, opinionated and informed ‘kidults’.
3) Protective parents – The home is the haven. The world is in a fragile state. Parents now strive to protect their chidlren’s physical and emotional security at all costs.
Mara Lee, Practical Parenting editor, comments: “Kids come first in today’s world and mums won’t let them go without. It’s not about spoiling them rotten, but more a reflection of the age we live in. Our research also highlights the chasm between parenting today and parenting 20 or 30 years ago.”
The press release is part of some research I’m doing for a story on how parents are spending more this year, despite the recession. Mothering in particular has become aspirational, rather than functional. Compared to older generations of parents, mothers today (averaging around 29-30 in age) have more money and are willing to forgo cheap, general brands in order to provide the best for their child.
They’re also using children as an opportunity to showcase their own individual style. Parents are finding that they spend so much time with “kids” things that they feel it’s important to “love what they are using” – whether its designer cots, aesthetically appealing clothes, organic foods, etc. Brands are aware of this and tapping into the market. As one marketer I interviewed commented:
“As opposed to the ‘you must buy this’ or ‘you need this’ philosophy’, brands are creating a snap shot of a life that will appeal to a certain market or consumer. Most parents are creating a perception of the kind of parent they would like to be, and buying accordingly.”
Interesting food for thought. As I read more, I can’t help but recall of how working class mothers in Vietnam raised their children: dirty feet, hand-me-down clothes, babies slung on backs while trekking through rice paddies, big smiles and few toys, often feeding babies and entertaining children while running a shop, finishing some embroidery for the markets, cooking a meal in the restaurant, kids helping parents run the family business.
I might post more on this after I finish my story (which according to this post, is looking flippin’ unlikely).
August 13th, 2009 at 10:15 pm
$56,000 to raise a kid up to the age of 5? Is that meant to shock us? People pay more than that for a garage or deck!
August 14th, 2009 at 9:10 am
Having never spent anywhere near that amount amount (we rent), I have no idea of that’s a lot or a little for a child. It doesn’t sound like much, considering its over 5 years….it’s about ten grand over my salary for a year.
August 14th, 2009 at 12:09 pm
I read an article in the Sun Herald a few weeks back based on this research. As one about to become a dad, I can undrerstand. When looking ofr things like strolers i was amazed that you could buy one in excess of $700 with the average price about $450 or so.
My wife and I are dong things cheep:
* stroler: last in stock & damaged box – discounted.
* change table: on sale – 1/2 price
* cot: borrowed from a friend
* car capsule: rent from hospital – cheaper than
buying when you only use it for 3 months
There are ways of saving money when you need to!
August 14th, 2009 at 4:24 pm
I make many of my kids’ clothes – you can’t beat $3 for a t-shirt in most shops. I always buy nappies on sale, though I will admit I go for the most expensive brand, mainly because they don’t give them nappy rash. Our pram cost $40 at a garage sale, and though it has only just lasted through our two kids, it still has. Any designer label clothing that my children have are hand-me-downs.
And I hate the idea of putting my kids on little thrones – when they enter the real world they would otherwise get a great big shock that it doesn’t revolve around them. And I’m not going to wrap them in cotton wool either – otherwise they’ll never learn the consequences of mistakes.