Raising Children Costs More Than Many Parents Expect, Survey Finds | KiddyNews

The cost of raising children can extend well beyond school fees and tuition, with food and everyday necessities emerging as some of the biggest monthly expenses for Malaysian parents, according to a recent parenting survey.

The survey by fintech platform Versa found that 66% of parents were spending more on their children each month than they had expected, including 27% who said their spending was “much higher” than anticipated.

Only 31% said their actual spending was close to their budget, while 3% reported spending less than expected.

Everyday Needs Add Up

Food and daily necessities were identified as a major monthly expense by 70% of respondents, slightly ahead of education fees and tuition at 69%.

These recurring costs include meals, groceries, clothing, transport and other everyday needs. While individual expenses may seem manageable, their cumulative impact can place additional pressure on household budgets as children grow.

The findings suggest that family spending is shaped not only by major commitments such as education, but also by the regular costs that accompany children’s changing needs.

Parents Adjust Their Spending

For families facing higher-than-expected expenses, personal and lifestyle spending were among the areas most commonly reduced.

About 30% of respondents said they had cut back on personal spending, while 22% had reduced lifestyle expenses. Another 16% had postponed major purchases and 11% had sought additional income.

Only 9% said becoming a parent had not required any financial adjustment.

For some households, these changes may mean eating out less often, delaying large purchases or being more cautious with discretionary spending.

Saving For The Future

Despite the pressure of daily expenses, many parents are still making efforts to prepare financially for their children’s future.

The survey found that 78% of respondents already had savings or investments specifically set aside for their children. Most parents who had not yet started saving said they intended to do so.

This highlights the balancing act many families face: managing the costs of raising children today while preparing for future needs such as education and other major expenses.

Survey Offers A Snapshot

The survey involved 677 parents among 2,565 Malaysians polled through the Versa app. As a result, its findings should not be considered representative of all Malaysian families.

Still, the results offer a snapshot of the financial pressures some parents experience as children’s needs change over time.

From daily meals and necessities to education and long-term savings, the cost of raising a child is shaped by many expenses that can be difficult to predict years in advance.

For families, financial planning may therefore involve not only preparing for major milestones, but also allowing room for the everyday needs that grow alongside their children.

Source:

Free Malaysia Today – “When raising children costs more than parents expect”

Thoughtfully adapted by KiddyNews. Keeping parents and educators informed with the latest ECCE developments from Malaysia and beyond.