Abstract
The costs of raising a child to age 18 have been estimated at roughly $250,000. This chapter illustrates the financial impact children have on the family ranging from basic needs to college tuition to non-direct costs such as lost time at work that could influence future career opportunities. Having a strong support system may allow for sharing of childrearing costs, although the potential for contributions from the support system varies greatly among families. The chapter concludes with a section on financial education of children. Experts agree that teaching children about basic money management skills can occur as early as 3 years old.
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Nazarinia Roy, R., Schumm, W.R., Britt, S.L. (2014). Children and Money. In: Transition to Parenthood. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7768-6_8
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DOI: https://doi.org/10.1007/978-1-4614-7768-6_8
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