High price of parenthood: Report examines the cost of raising a child in India
School fees, activities, medical expenses, and more: Mint report gathers perspectives from across the country to reveal the total costs of raising a child.
Bringing up a child in India is an expensive affair, with costs ranging from Rs 2.5-4.5 lakhs per year depending on factors like family size and lifestyle, according to a recent financial report by Mint. The report provides a comprehensive breakdown of the major expenses involved in raising a child across different life stages in India.
The cumulative cost of schooling a child from nursery to 12th grade is estimated to be around Rs 25.5 lakhs, as per the report. This factors in expenses like school fees, books, uniforms, extracurricular activities and more. The cost of higher education can also be substantial, with estimates ranging from Rs 15-50 lakhs for domestic institutes and upwards of Rs 2.7 crores for international universities.
With educational costs projected to inflate at 10% per year, the report estimates that in 10 years the cost of domestic higher education may be between Rs 43 lakhs to Rs 1.4 crores. International higher education could cost a whopping Rs 7 crores. These costs are spread over the first 20 years of a child’s life.
The report gathers insights from parents across diverse regions to highlight the key expenses involved in ensuring a child’s well-being from pre-primary to higher secondary education. Besides academic costs, the report factors in ancillary expenses like medical fees, extracurricular activities, family vacations and more.
According to the report, annual costs can vary vastly depending on factors like family size, geographical location and lifestyle. Expenditure is generally higher in metro cities compared to smaller towns. Costs are also amplified for nuclear families with a single child versus joint families with multiple children.
By illuminating the substantial financial commitment required to raise a child in contemporary India, the report provides an important reference point for families planning for parenthood. The comprehensive coverage of academic, medical and extracurricular costs sheds light on the investments needed to nurture a child’s wholesome development from early childhood to young adulthood.
Neil Borate, Deputy Editor at Mint, condensed the report’s discoveries in a brief ‘X’ (formerly Twitter) post. He noted,“What is the cost over time, of having a kid? Roughly speaking, about 1 crore over 20 years. If you include a foreign degree, cost will go up to 5-6 crores. Don’t panic, this is spread over 20 years and accounts for inflation.”
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