Right now, one and a half children are born per woman in Sweden – which is a lower number than is needed to maintain the population at a stable level.
In many countries, the development looks similar.
That’s how much money it costs to have a child
One factor may be the financial situation. Therefore, private economist Américo Fernandez has calculated costs compared to 2018.
How much more expensive has it become to have children?
– The final bill is SEK 2,270,000 if we look at 2024 prices. It is roughly SEK 500,000 more expensive than it was in 2018, says the private economist.
What has become more expensive?
– Yes, you can calculate in any number of ways, but we have chosen to address a couple of things, the biggest things that have an effect on what a child under 18 costs. This applies to loss of income, of course, for parents. You go on parental leave, which spills over into part-time work during the toddler years, partly for women who have more absenteeism.
– Then we have living expenses, which is an extremely large item. These are the Swedish Consumer Agency’s figures for food, clothing and leisure activities. Not least, we have extra pleasures, such as gifts for Christmas, birthdays and more expensive leisure activities and summer and Christmas holidays.
According to the calculation example, loss of income costs SEK 560,000, living expenses SEK 1,130,000 and extra pleasures SEK 360,000.
Then you have to add an additional cost
Living expenses do not include costs for a changed living situation.
– It is also a big expense for many families when you notice that you go from two to three or four and need bigger accommodation. Then you have to add an additional cost, Américo Fernandez.
Why has it become so expensive?
– It’s inflation. After the pandemic, there was an inflationary shock and that is what has driven up, above all, the cost of living, which is the big item, says the private economist and continues:
– The only additional source of income that families with children have is the child allowance, and the last time we did these calculations in 2018, the child allowance was SEK 1,250, and today the child allowance is the same amount. If you calculated it with inflation, which you don’t do, the corresponding figure would have been an extra SEK 1,600 in the wallet.
You can think about that financially before you have children
The first year is usually the most expensive for parents who have children due to loss of income and the purchase of equipment. Then there is a relatively even development until the children enter their teens – when costs such as extra entertainment are added.
Private economist Américo Fernandez highlights some aspects that may be important to consider if you are thinking of having children.
Among other things, starting to talk about parental leave early, to ensure an even distribution, as well as planning in time for the housing situation. In addition, he believes that it can be smart to try to build up extra savings for the first expensive years with children.