New research has found that the cost of raising a child has risen to an average of more than $300,00 in places like the US. An estimate supplied to the Wall Street Journal by US based public policy non-profit organisation Brookings Institution raised alarms for prospective or already established parents.
It found that a married, middle-income couple with two children would spend $310,600 to raise their younger child born in 2015 up to the age of 17. That averages out at around $18,271 a year.
It is unclear what the situation in Malta is and whether or not it reflects a similar situation to the global context. Going off the latest news relating to inflation, last July saw the steepest increase in prices in Malta.
The Retail Price Index measured annual inflation at around 6.8%, reported the National Statistics office. The RPI is a measurement used to calculate the annual Cost of Living Adjustment (COLA).
The NSO reported how the 12 month moving average rate for July stood at 4.08%, with the largest upward impact on annual inflation being in the food index. A downward impact was recorded in the clothing and footwear Index.
Today, Finance Minister Clyde Caruana said that low income earners will be receiving additional compensation to their COLA increase next year. Coupled with grants announced during the electoral election by the government to help parents keep their kids in school, it is unsure to say exactly given the lack of statistical analysis conducted in recent years into the phenomenon.