Understanding the financial burden of raising a child

A LARGE portion of the expenses of personal income goes towards education, for those people lucky enough to have an income.

- CORRIE KRUGER

Momentum Investo did extensive research into what it costs to raise a child. “At inflation-related sums, it can cost R550 000 for the first six years, between R640 000 and R880 000 for primary school, and up to R1 million for high school. A three-year degree at a South African university may cost R660,000. These numbers add up to R3 million.” Standard Bank's estimate is much the same. “Conservative estimates indicate that it can cost around R10,000 per month in today's economy to raise a child, which means that over an 18-year period, factoring price increases, you can expect to spend over R2.5 million.” That is without considering sending the child to university.