Raising a child is a significant financial responsibility. The United States Department of Agriculture estimates the cost of raising a child from birth to 18 years at an average of $241,080.
This figure raises an important question: Is there a notable difference in the cost of raising boys compared to girls? This article delves into various aspects of these costs, providing insights into the financial implications of raising children of different genders.
The Financial Difference Between Raising Boys and Girls
According to an infographic from Huffpost Business, girls are more expensive to raise than boys. The difference amounts to $80 per month, which translates to $960 per year, accumulating to $17,280 over 18 years.
The total monthly cost to raise a girl is $450, in comparison to $370 for a boy, highlighting a significant disparity in gender-related expenses.
Why Girls Tend to Be More Expensive
Girls’ hobbies and clothing are the primary factors contributing to their higher cost. A study on British families by Love Money reports that girls have more expensive hobbies and demands by nature.
A report from About claims that dance classes, for instance, can range from $60 to $150 per month. Additionally, the cost of dance-related apparel and accessories further increases these expenses, illustrating how specific interests can significantly impact overall child-rearing costs.
The Role of Fashion in Raising Girls
Fashion plays a substantial role in the increased costs associated with raising girls. Huffpost reports that the average monthly expense on clothing for girls is $100, compared to $50 for boys.
Over their childhood, girls accumulate over $3,000 worth of clothing, whereas boys’ clothing totals around $2,700. Accessories, including hats and bags, add approximately $2,000 more to the cost of raising a girl.
Parental Perspectives on Spending for Girls
Parents observe firsthand the differences in spending between genders.
As Tanya K. tells LearnVest, “My nearly 15-year-old and 12-year-old daughters have an incessant desire to go shopping and purchase clothing, shoes and any other cute stuff they see. I can’t blame them as they work hard at school and like to look nice, but spending for them far outweighs spending for my son!”
Additional Beauty-Related Costs for Girls
As girls grow older, their beauty-related expenses also increase. Money Magazine reports, “Girls also usually start wearing makeup as they get older, which is something that the parents of boys usually don’t have to pay for.”
Money Magazine continues, “Girls also often want haircuts more often, want to style their hair more and may pay for expensive beauty treatments.”
The Financial Savvy of Girls
Girls seem to have an edge in negotiating for more funds from their parents. According to Love Money, girls manage to obtain $150 more from their parents than boys do.
This suggests that girls may be more adept at negotiating for their wants, leading to increased expenditures in their upbringing.
The Unseen Costs of Raising Boys
While girls are generally more expensive, boys also incur substantial costs. A study from Cambridge University suggests that boys may have higher medical expenses, being more prone to illness and accidents.
These unexpected medical costs can significantly affect the financial planning of families with boys, emphasizing that each gender brings its own set of financial challenges.
Insurance Costs for Young Male Drivers
Insurance costs for boys, especially during their teenage years, can be considerable.
Cars Direct notes, “Statistically, boys are much more likely to be an accident or get cited for speeding, so insurance companies will assign a young male driver a higher risk rating than a girl the same age.” This increased risk leads to higher insurance premiums, adding to the financial burden of raising boys.
The Importance of Thoughtful Investments in Children
It is crucial to make meaningful investments in a child’s upbringing. LearnVest emphasizes the importance of ensuring that a child is truly interested in an activity before incurring its expenses.
Irene Shere, founder and director of The Early Childhood Consultation Center, advises parents to involve their child in financial decisions, saying to Learn Vest, “Make sure your child is truly interested in a certain activity or expense, ask her to pitch in time, effort or even money. That will help her make conscious decisions about what’s important to her, and also encourage her to value the experience more in the end.”
Encouraging Financial Responsibility and Conscious Spending
Encouraging children to contribute to their expenses can foster a sense of responsibility and an understanding of the value of money.
This approach not only helps manage the costs of child-rearing but also prepares children for financial independence. By involving children in these decisions, parents can teach them to make conscious choices about their expenditures and interests.
Understanding the Costs of Raising Children
While girls may generally be more expensive to raise than boys, both genders come with their unique financial demands.
Understanding these costs and preparing for them is crucial for parents. The goal is not merely to manage expenses but also to invest wisely in the development and happiness of children, regardless of their gender.
