11/1/2013
Children, unsurprisingly, are expensive. And there are lots of them. There are nearly twice as many U.S. households whose oldest children are between ages six and 17 than there are those whose oldest children are under age six (14.8 million vs. 5.68 million), according to the U.S. Bureau of Labor Statistics.
In fact, households with only a husband and wife spend $61,285 a year on goods and services, whereas families with children between ages six and 17 spend almost $15,000 more, $74,659.
Other spending differences are more understandable. The amount families spend annually on fees and admission, for instance, increases from $648 when there are children are under six to $1,536 for when there are tween-aged children. This spike, presumably, is due to the fact that young children receive free entrance, whereas older children do not.
Oldest Child Under Age Six
There are 5.68 million families whose oldest child is under age six. After taxes, they have annual incomes of $82,637 and spend $64,103 a year on goods and services. They are twice more likely than families whose oldest child is over age 18 to be renters (36% vs. 14%).
Families with young children spend an average of $7,331 a year on food, with $4,452 spent on food consumed at home. They spend more each year on purchasing fruits and vegetables ($858) than they do on purchasing meat, chicken, fish, and eggs ($830).
Families with young children spend $488 on apparel for those under age two. These same families also spend more on clothing for girls ages 2-15 than they do for boys ages 2-15 ($164 vs. $125). Meanwhile, families with young children spend $3,023 on entertainment and $793 a year on education. Only a few categories see families with young children outspending or spending similar amounts to families of older children. Families whose oldest child is under age six spend $124 a year on small appliances, compared to $123 spent each year by families whose oldest child is between ages six and 17. Families with young children spend $47 a year on floor coverings compared to $22 spent each year by families with older children.
Oldest Child Ages 6-17
There’s a significant annual spending increase between families whose oldest child is under age six and those whose oldest child is between ages 6 and 17 ($64,103 vs. $74,286). Growing children, naturally, need more food, which explains the $3,000 bump in food expenditures ($7,331 vs. $10,458).
It also costs more to clothe tweens than younger children. Families whose oldest child is between ages six and 17 spend $615 annually on footwear, compared to $425 for families whose oldest children is under age six.
Other expenditures are somewhat baffling. Annual spending on postage and stationary increases from $180 to $205, spending on laundry and cleaning supplies increases from $182 to $226, and spending on over-the-counter and prescription drugs more than doubles, from $270 to $513.
Oldest Child Over Age 18
Although families with (almost) grown children spend nearly as much per year as families with tweens ($75,286 vs. $74,659), these expenditures differ considerably. Food consumed away from home declines as children age ($4,363 vs. $3,668) but increases with telephone expenses ($1,695 vs. $1,875), education ($2,240 vs. $3,767), and transportation ($10,925 vs. $12,522).
SOURCE: U.S. Bureau of Labor Statistics, Steve Reed, Division of Consumer Prices, Washington, DC 20212; 202-691-7000; reed.steve@bls.gov; www.bls.gov.
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