China has now claimed the title of the most expensive nation for raising children, with the cost of nurturing a child until age 18 standing at par with other developed nations thus highlighting significant financial disparities in the realm of parenting expenses. The parental pockets are feeling the squeeze in China more than anywhere.
China houses the world's second-largest population after India took over the Asian giant last year in terms of population. Despite a huge population and growing economy with largely socialist schemes, China has come out as the most expensive country to raise a child relative to its GDP per capita.
A recent report from the YuWa Population Research Institute, based in Beijing, reveals striking differences in the cost of raising a child until the age of 18 relative to per capita GDP. According to the study, China stands out with a factor of 6.3 times, significantly higher than Australia at 2.08 times, France at 2.24 times, the U.S. at 4.11 times, and Japan at 4.26 times.
The findings underscore substantial variations in the economic burden of child-bearing across these nations. China, despite being a developing nation, has come out as the most expensive country to raise a child. Various factors have contributed to the situation which largely surrounds women.
The burden of childbearing falls heavily on women in China as their wages go down by 12-17%. Looking after children also becomes a challenge to women who are seeking growth in their careers. Women witness a drop of 2,106 working hours when looking after children aged 0-4. Even leisure time is significantly reduced as looking after a child takes over a large chunk of time.
Chinese women are largely willing to go unmarried in their life more than ever. All this comes at a time when the Asian nation is witnessing a sharp decline in the population graph. China recorded a second consecutive annual fall in population sending shockwaves to the Communist Party of China. The government is trying to push the population growth agenda again but they are likely to fail this time due to expenses and other personal leisure factors.