Tag #Family Finance

What are the most significant financial challenges faced by American families raising children, and what immediate consequences result?

The rising cost of raising children in the US, exacerbated by inflation, forces families to make significant lifestyle changes and compromises. A Michigan family, for example, uses a combination of daycare, family help, and flexible work schedules to manage expenses. The Brookings Institution estimates a middle-income family will spend approximately $310,605 (2015 dollars) to raise one child to age 17, with costs continuing to increase.