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Raising a child: how much does it cost?

Two out of three Belgians aged 18 to 29 wonder if they will be able to afford to raise children. And 80% of young people say they have little information on the subject. These are some of the conclusions of a Profacts survey commissioned by BNP Paribas Fortis.

A child costs as much as a house, or so they say: true or false?

Children and housing have one thing in common: they cost money. But the amount you will have to spend on them depends on your disposable income and your choices. Another similarity is that the older they get, the more they cost.

According to the Ligue des Familles – a Belgian charity that supports families – in its first year a child costs €306 per month. For an 18-year-old, the monthly cost doubles. And for a 24-year-old, it rises to €714.

What about the cost of education?

Note that these are minimum costs that exclude childcare, education and exceptional medical expenses. In Belgium, school-related costs are still modest – €313 per year in the first year of primary school, rising to €1,416 per year in the last year of secondary school (technical and vocational training is a little more expensive). And if your child goes on to higher education and lives in student accommodation, be prepared to spend between €7,000 and €8,000 per year.

To help you see things more clearly, we’ve summarised all the expenses you will face depending on your child's age and education.

Ask Your Bank 

BNP Paribas Fortis wants to help you see things more clearly when it comes to managing your money. That's why we asked over 1,000 Belgians about any questions and concerns they had. With our Ask Your Bank series, we address those questions and concerns in a fully transparent way.