This country is known as the most expensive place to raise a child. Think India is expensive? Brace yourselves as we reveal the cost of raising a child in America, Japan, and most importantly, China. A recent study by the YuWa Population Research Institute found that Chinese parents spend a significant portion of their income on raising children, exceeding costs even in developed countries such as the United States and Japan.
The study highlights that the cost of raising a child in China exceeds that of any manufacturing hub in the world. On average, a parent costs him 74,800 USD to raise a child up to the age of 17. Additionally, a bachelor's degree costs approximately $94,500. These costs are a huge burden on the Chinese economy, 6.3 times the per capita GDP of China and 7.79 times the per capita GDP of South Korea. In contrast, European countries typically spend 2 to 4 times their GDP on childcare.
These statistics are alarming given China's existing population decline and aging. Families and individuals who assume the responsibility of parenthood face numerous challenges. The study, led by Liang Jianzhang, a prominent entrepreneur and professor of economics at Peking University, highlights the burden on families.
According to recent data, China's population in 2023 will decline for the second consecutive year, with approximately 9 million births, a significant decrease from 2016 numbers. This trend is worrying because it contributes to a shrinking workforce and an increase in the average age of employees, resulting in a less dynamic workforce.
The study highlights that the cost of raising a child in China exceeds that of any manufacturing hub in the world. On average, a parent costs him 74,800 USD to raise a child up to the age of 17. Additionally, a bachelor's degree costs approximately $94,500. These costs are a huge burden on the Chinese economy, 6.3 times the per capita GDP of China and 7.79 times the per capita GDP of South Korea. In contrast, European countries typically spend 2 to 4 times their GDP on childcare.
These statistics are alarming given China's existing population decline and aging. Families and individuals who assume the responsibility of parenthood face numerous challenges. The study, led by Liang Jianzhang, a prominent entrepreneur and professor of economics at Peking University, highlights the burden on families.
According to recent data, China's population in 2023 will decline for the second consecutive year, with approximately 9 million births, a significant decrease from 2016 numbers. This trend is worrying because it contributes to a shrinking workforce and an increase in the average age of employees, resulting in a less dynamic workforce.
This country, not the United States or Japan, tops the list of most expensive places to raise children. (Photo by Unsplash)
Additionally, women are increasingly choosing to step away from motherhood and childcare to pursue their potential and financial security. In response, the Chinese government abandoned its one-child policy in 2017 and now encourages families to have three children. Some states have removed limits on the number of children a household can register in order to maintain good birth rates.
end of article
