Average child 'costs up to $190k to raise'

Parents who added to their family in 2010 may want to open a savings account to help them meet the cost of raising a youngster in light of government estimates that the average middle-income family will spend up to $190,634 on their offspring.

While this is the top end of the forecast – with the lower end being $163,440 – the news may encourage some households to start putting money aside to ensure they can give their child all they need, reports the Herald Sun.

The government study indicated that the average low-income family will spend slightly less at just $166,000.

Aussie households that bring in more than $100,000 each year are likely to spend two years worth of wages over 18 years in bringing up their youngster.

However, many Aussies may be well prepared for these expenses, as the Australian Bureau of Statistics recently indicated that household savings are at the second highest level in recorded history.

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