It costs about one million dollars to raise 2 children in Singapore.
Don’t be too alarmed. Let’s take it positively – you may treat your children as “assets” and include this cost as part of your wealth. 🙂 So, add $1 million to your net worth if you have 2 children. $2 million if you have 4 kids.
The $1 million figure came (indirectly) from today’s Sunday Times, which did an estimation of the costs of raising a child in Singapore:
- Pregnancy and delivery: $4k to $20k
- Infant care: $20k to $30k
- Child care: $25k to $80k
- P1 to JC education: $40k to $70k
- University education: $100k to $500k
Add up the mid-points in each of the above 5 categories, you get $445k.
Throw in some additional allowances for the child, take an extra holiday trip every couple of years, and it’s not hard for you to spend $500k on your child over the 20 years (or so) of his pre-independence life. Multiply that by 2 (for 2 children), and you get the cool $1 million figure.
Let me state the obvious: Bringing up a child is costly! Especially in Singapore.
So, rather than incessantly importing foreigners to artificially top up the population (with obvious negative impacts, adding burden to our already stressful lives), maybe it’s time for the government to once again revise upwards the baby bonus, parenthood tax rebate and the various child tax reliefs.