It became priceless to have children: Colombia is the second most expensive country to raise children

It became priceless to have children: Colombia is the second most expensive country to raise children
It became priceless to have children: Colombia is the second most expensive country to raise children

In Bogotá, raising a child costs an average of 2,447 monthly minimum wages, according to an EAN study – credit Shutterstock

In recent years, inflation in Latin America has caused a notable increase in the cost of living, leading many young people to postpone the decision to have children. According to the Latin American and Caribbean Demographic Center (Celade), it is projected that by 2047 the population of people over 60 years of age will exceed that of those under 15 years of age in the region, a worrying demographic change.

Simone Cecchini, director of Celade, indicated to Bloomberg that the demographic dividend in Latin America and the Caribbean will end in 2029. This implies that, by that date, the dependent population (under 15 years of age and over 65 years of age) will grow at a faster rate than the working-age population (15 to 64 years). This could significantly affect the economic sustainability of these countries..

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In fact, a report by Bloomberg on the cost of having a child in Latin America specifically analyzed Colombia, Brazil, Argentina and Mexico. The study considered aspects such as education, food, leisure, entertainment and hygiene, taking as a reference an average of four diapers per day of the same brand or its equivalent..

Clara Inés Pardo, academic and doctor in Economics from the Universidad del Rosario in Colombia, explained that the increase in the cost of having children is due to inflation and other economic conditions. “Several studies indicate that the greatest financial burdens when having a child are food, child care and clothing.“, he claimed.

Health expenses are also more expensive for parents raising girls – credit illustrative image Infobae

In fact, a young Colombian father consulted by the study commented that the cost of raising a child has also increased thanks to changes in consumer culture, in addition to the mediation of social networks in lifestyle.

Today, for families, having a child is a challenge and the financial picture must be clear, since issues such as inflation and childcare costs increase, causing more money to be required.”said Clara Inés Pardo.

And another study carried out by the EAN University revealed that the costs of raising a child from pregnancy to completing university vary depending on the city and social stratum. For example, in Bogotá the costs range from 127 million (about $33,042) in stratum 1 to 1,417 million in stratum 6.which places the country as the second most expensive in Latin America to raise a child.

Omar Patiño, author of the report and director of doctorates at the EAN University, highlighted that education is the area with the greatest impact. “Additional costs include specific celebrations for women, such as 15 years, as well as excursions and walks“, indicated the researcher to Network+News.

Parents with daughters spend more on leisure than those with boys – credit Pixabay

In Brazil, Alexandre Ripamonti, professor of Finance Applied to the Market at ESPM University, said that the investment to raise a child until graduation amounts to about 2,107,600 reais (about $408,000) for families with incomes greater than 20 minimum wages. monthly. Ripamonti noted that “The more money families have, the more budget they allocate for the education of their children.”.

In Argentina, the National Institute of Statistics and Censuses (Indec) tracks the cost of raising children in early childhood, childhood and adolescence (0 to 12 years). Federico De Cristo, professor at the Faculty of Business Sciences at the Austral University, estimated that Bloomberg Line costs in constant currency for the middle and upper class.

It must be noted that these are average figures and that there may be various situations (for example: if the head of the family is a businessmanif it discharges costs for the company, if it has coverage with benefits from the company, etc.),” said the academic.

Clara Inés Pardo highlighted the importance that various families give to financial strategies to face these costs, such as buying clothes and baby items in the United States through virtual lockers. This reflects the creativity with which parents face the financial challenge of raising their children in a difficult economic context.

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