One in three Australians have admitted they will delay their plans to have children because it is so expensive to raise a family, new data has revealed.
According to Mortgage Choice’s inaugural Financial Confidence survey, 34.9% of surveyed respondents said the cost associated with having children is so high that it is has forced them to put their family plans on the back-burner.
Mortgage Choice chief executive officer John Flavell
said it is worrying that a growing number of Australians feel they cannot comfortably afford to raise a family.
“Almost 50% of Australians said they would have to rely on their spouse or partner for money if they took parental leave, which would suggest the parental leave they are paid by their employer or the government is not enough.”
However, Flavell said the data was unsurprising given that the cost of living and property prices continue to grow year on year.
“Our data shows more than 85% of Australians have seen their day-to-day expenses rise substantially over the last 12 months, which puts pressure on the hip pocket,” he said.
“Given that the cost of living is rising and there are costs associated with having children, it is little wonder why more than one third of Australians are actively pushing their family plans back.”
However, those who were concerned about the cost of raising a family weren’t wrong to do so, as data from the survey found 56.7% of those with children believed they weren’t “financially prepared” for a family.