Parents cough up R90 000 a year to raise a child

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(iStock)
(iStock)

Cape Town - Research indicates that it costs around R90 000 a year to raise a child, according to financial planner Sydney Sekese (CFP®).

On a straight line projection - that is with no inflation or growth - that’s over R2.7m by the time the child reaches the age of 23.

Sekese compares the cost of raising a child to having a second bond on your home. This is because raising a child is a long-term commitment that could last 23 years or more - including starting a first job.

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