With the cost of raising a child nearing $300,000, many parents are rethinking just how many kids they can afford.
According to a recent LendingTree survey, almost half (46 percent) of parents with young children said they have fewer kids due to financial constraints. And 77 percent said raising children has been far more expensive than they expected.
Those challenges aren't imagined. Over the past two years, the annual cost of raising a small child has surged from $21,681 to $29,419 — a 36 percent jump, LendingTree found. Much of that increase is due to skyrocketing day care costs, which rose more than 50 percent over the same period.
Parents in the U.S. can now expect to spend $297,674 raising a child to adulthood — and financial support often doesn't end there. A recent Savings.com report found that half of all parents are providing regular financial assistance to their adult children.
Perhaps most alarming, about two-thirds (64 percent) of parents surveyed by LendingTree said they have gone into debt to make ends meet for their kids. Financial strain appears to be a key reason Americans are having fewer children.
Recent CDC data shows that the U.S. fertility rate remained near a record low in 2024, continuing a yearslong trend that has alarmed demographers and drawn the attention of President Trump and his administration.
Now, Trump is reportedly considering a $5,000 cash "baby bonus" for new mothers. Another proposal, according to The New York Times, would reserve 30 percent of scholarships in the prestigious Fulbright program for applicants who are married or have children.
When asked which factors would make raising kids easier, many parents (52 percent) said "more financial resources," followed by 39 percent who want workplace flexibility like paid leave and remote work, according to LendingTree. Some 28 percent said affordable childcare would make raising kids easier.
LendingTree's findings come from an online survey of 630 parents with kids younger than 18. The poll was conducted from March 4-6.
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