Should fur baby parents get tax breaks just like real parents do? 🐱💸 We’ll let you sound off in the comments (fills popcorn bucket). 🍿
Ever wonder how raising children (or not) impacts your overall financial situation? Check out these stats! 👇
Here’s Five Fast Facts on how kids impact your finances:
- 🍼 Baby Bucks - Federal Reserve data shows that households with kids tend to earn more than childfree couples. In 2022, the median pre-tax income for households with children was $110,250. The median household income for childfree couples was $101,610, a difference of $9,000.
- 👫 DINK Lyfe - Among all households, couples without kids had the highest net worth even though they earned less than households with children. 2022 data shows the median net worth for childless couples was about $150K MORE than those with kids.
- 💃 Rich Auntie Vibes - In 2018, a Census Bureau study found that childless women had the highest median net worth among Americans over the age of 55. Among all adults, the median personal net worth for Americans aged 55 and up was $133,500. For childless women, that number increased to $173,800.
- 📈 Offspring Spending Spree - Raising kids ain’t cheap. Research shows the average cost of raising a child to age 17 is over $300,000. Look on the bright side! You’re investing in the future and everyone will need children some day (either your own or someone else’s children will take care of you when you’re old).
- 🥳 Fun Uncles Unite - Feeling left out because you don’t have any Mini Me’s? You’re not as alone as you may think. At least 19.6% of U.S. adults between 55 and 64 didn’t have children in 2018.
🔥Bottom line: Although it’s not the case for everyone across the board, the fact that couples with children have a lower net worth than those without makes sense. Raising rugrats is expensive AF (but totally worth it 😘)! Hopefully, they grow up and find cushy jobs and fat paychecks. Speaking of, here’s why Gen Z is becoming the next toolbelt generation!
Has your choice to have kids (or not) impacted your finances?
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