When raising children costs more than parents expect

Raising children can quickly become more expensive than parents anticipate. In a new survey, 66% of Malaysian parents admitted they were spending more on their children each month than they had initially expected. This includes everyday expenses like groceries, school fees, and other necessities. Only 31% of parents found their spending closely matched their budget, while just 3% spent less than expected.

Food and daily needs were the biggest monthly expense cited by 70% of respondents, nearly tied with education fees at 69%. When faced with higher costs, many families have to make cuts elsewhere. The survey found that 30% of parents reduced personal spending, while 22% trimmed lifestyle expenses. Some postponed major purchases and sought additional income, with only 9% stating they didn't need to adjust their finances at all.

Despite the increased day-to-day costs, most parents still plan for their children's future. About 78% have savings or investments set aside for their kids, with the majority intending to start saving if they haven't already. This shows that even when today's budget is tight, many parents are still committed to securing their children's long-term future.