40 percent interviewed parents who calculated how much it costs to support a child under the age of 18 indicated that the amount ranges from 3,000 to 5,000 euros per year. Another 13 percent indicated that the costs amount to more than 5,000 euros per year. For monthly expenses of 500 euros and more, over 18 years an amount of more than 100 thousand euros is generated, according to SEB’s statement.
True, if the child attends a private school, these amounts can increase significantly. One year of education at a private school costs an average of about 6,000 euros per year. And this does not include school meals, which average 5.5-6.5 euros per day, additional paid clubs, excursion expenses, etc. In this case, the amount to raise a child can reach 200 thousand euros.
These costs increase every year due to inflation. Especially they jumped this year. According to the data of the Department of Statistics in July, the prices of almost all goods and services that are relevant in raising children have risen: food in schools (17%), stationery (14%), recreation and cultural services, clubs (11%), books ( 5.9 percent) footwear (3.9 percent), clothes (0.9 percent). Many parents already felt it when their children returned to educational institutions and clubs in September.
If the family has not one, but two or more children, the costs will be even higher. It’s true that you shouldn’t multiply by two, because raising a second or third child usually costs parents less than the first – and because of the already available necessary tools, clothes, furniture that can be used a second time, and because of greater benefits and discounts.
Circles are an investment in future abilities
Circles, the prices of which, according to statistics, have increased by a good tenth, are an important part of a child’s education. According to the research, half of the parents send their children to one paid club, a quarter – to two paid clubs, and only 7 percent of those interviewed allows for three. Almost a fifth say they cannot afford paid children’s clubs at all.
“Although education should not be saved, as it is one of the most important areas in which it is worth investing, thinking about the child’s future, it is good to choose clubs, especially paid ones, responsibly, so that they not only do not cause a financial burden, but are actually related to the child’s abilities, which you want to develop and which will be useful in the future”, asserts S. Strockytė-Varnė.
In addition to clubs, additional costs for concerts, performances, special equipment or clothing, etc. should not be forgotten.
Food to school from home is still a rarity
On average, a student spends about 3 euros per day on food at school. It is true that recently lunch for one child has become more expensive by about 30% due to the increase in food prices. and reaches up to 4 euros (the specific price of lunch, of course, depends on the school and the chosen dish). Therefore, for a family, lunch per child costs about 60-70 euros per month. If the child stays at school all day and eats several times, the costs can increase by a third.
“As adults, we remind them that for the sake of saving, sometimes it is good to bring your lunch to work instead of spending money in cafes, we can also develop the same habit in children. However, it is still not popular to bring your own snack box to school in Lithuania,” says the SEB expert.
Half of the parents surveyed say that their children always buy food at school, a third say that they occasionally bring food from home, and only 13% constantly carries his own food.
Kids are indifferent to fashion – let’s make the most of it
Although statistically the prices of clothes and shoes have risen relatively least, children grow very fast, so the cost of clothing and footwear for them always constitutes a large part of the family budget.
More than half of the parents surveyed say that they need to update their children’s wardrobe every month, a third say that they go shopping three to four times a year, but even then they spend more money.
Clothes are one of those categories where we often spend more than we should. According to the study “Household Budget 2021” published by the Department of Statistics, a statistical family of four spends about 104 euros per month on clothes and footwear, and the amount of clothes thrown into textile containers in Vilnius city alone reaches about 1,800 tons.
“Younger children often don’t care at all how they look, whether they wear new or second-hand clothes, which in many cases can cost up to five or even ten times cheaper than new,” says the SEB expert.
By saving money in this area, we could spend more money on clubs and education, which can have a much greater impact on a child’s future than another new sweater or blouse, emphasizes S. Strockytė-Varnė.
The research was carried out by the company “Norstat” on behalf of SEB Bank, and 300 parents with children aged 7-17 (inclusive) were interviewed throughout Lithuania in August of this year.