*Cost Of Raising A Child In Hong Kong
First-time Parenting: Cost Of Raising A Child In Hong Kong
Motherhood is one of the most beautiful and rewarding roles that a woman can take on. Sushmita Sen, Miss Universe 1994, won the crown by saying that the essence of being a woman is motherhood. The sharing, nurturing, and loving heart of a mother cannot parallel anything in this world.
Some people may think that motherhood is the thing that will make you complete. It is not only about carrying and giving birth to a child. It is your ability to care for the needs of a growing child that will make you a mother.
Unfortunately, the cost of raising a child may be too much if you live in Hong Kong. According to an article published in the South China Morning Post, it will take HK$4 million to give your child a good life in this region. This observation was given in 2006 by Lee Lai-shan, an Olympic windsurfing champion in Hong Kong. Believe it or not, her answer caused a commotion.
The article discussed this statement and after some research, the observation has some merits after all. Apparently, a middle-class family living in this region will spend between HK$3 million to HK$4 million on child-care expenses.
While this article was published in 2012, it still raises an important issue about child-rearing costs in Hong Kong. Regardless if you are a successful career woman and your spouse is equally earning well, do you think you can afford to raise a child in Hong Kong?
How much does it take to raise children in Hong Kong
To date, how much does it take to care for your child? According to an article from the Wall Street Journal, the cost is much higher than what the previous article suggested.
The Hong Kong Bauhinia Foundation Research Centre calculated the cost that you will have to shoulder to financially support your child from birth until he or she graduates from college. The cost, based on the research, is an outstanding HK$5.5 million. This is for a middle-class family.
We all know how expensive it is to live in this city. Apparently, it becomes more expensive when you plan on raising a child in it.
According to the article, the cost you will spend from birth until your child reaches the age of 22 will be composed of the following:
- Clothing and food: HK$3.36 million
- Education: HK$1.35 million
- Housing: HK$1.23 million
- Transportation: HK$300,000
- Entertainment: HK$280,000
- Travelling: HK$ 230,000
- Medicine and Insurance: HK$200,000
- Other expenses: HK$500,000
All of these amount to HK$5.5 million. That is HK$20,800 each month. The article revealed that the cost of child-care scared a lot of young people in this region. In fact, the city is suffering from low fertility rates because of this.
Considering how the average monthly wage, according to Trading Economics, is HK$15,126, a couple barely have enough to supply the ideal needs of their child. Imagine what a single mother has to deal with? You need to earn at least HK$50,000. Even that may not be enough.
4 financial considerations when you have children
Raising a child in Hong Kong may be expensive but that does not mean you should skip on the chance of being a mother. Once you start having kids, you will find a way to make child-rearing financially possible.
But what exactly do you have to consider when it comes to having children in Hong Kong? Here are 4 important financial considerations.
- Child-care costs. If you want to meet the financial needs of your child, you cannot afford to stay at home. You need to continue working. That means you have to rely on someone else to care for your child. It is a common practice in Hong Kong to hire a domestic helper – which can cost you HK$4,210 each month – according to the Minimum Allowable Wage set by the Government. While this person can help you around the house as well, it can be a costly expense on its own. In case you want to consider a child-care facility, you can check out the Social Welfare Department for the list of facilities that you can get in touch with.
- The accommodation of your child will require some costs as well. If your house is currently too small, how can you raise a child there safely? You might have to buy a new house to avoid being too crowded in your home. If you want to save on child-care expenses, it might be a good idea to relocate near your parents so they can help you take care of your child.
- Education. Another financial consideration is their education. Based on the date provided above, you need HK$1.35 million to complete the educational needs of your child. If you have more than one child, it will be higher. To lower the cost, look into the public school system in Hong Kong. You can take advantage of the aid provided by the government so you can lower your costs. It helps to choose a school that is near your home so you do not have to add the cost of transportation to your growing child-care expenses.
- Health care needs. You cannot skip any medical care that your child with need because their small bodies are not as strong as adults. Fortunately, there is an extensive Integrated Child Health and Development Programme that parents can take advantage of. The public health care system in Hong Kong promises the same quality as private facilities – at a much lower cost. Of course, you have to deal with the long lines and some waiting time – but it is better than not bringing your child to a doctor when it is needed.
Before you proceed to raise a child in Hong Kong, it is important for you to consider all the costs involved. You do not want to think of your children as a financial burden. But you also have to face the reality that the child-care expenses will add up.