Are Kids More Expensive Than Ever?
5/27/202627 min
In our very first episode, we're tackling the question every parent asks: are kids actually more expensive than ever? Yes—but the reason might surprise you. We hear from an economist who reframes what that actually means for your family's finances (hint: you're not burning money, you're investing it), and a mom of three who proves you don't need a huge home, a fancy car, or a perfectly curated nursery to raise a happy family. Because here's the truth: kids will flip your finances upside down. And they're worth every penny. Let's get into it. Corinne Low (@corinnelowphd) is an Associate Professor of Business Economics and Public Policy at the Wharton School. Her book Having It All (Flatiron) is a USA Today national bestseller, and her research has been published in top journals including the American Economic Review and Journal of Political Economy. Amil Niazi (@amilniazi) is a writer and producer. She writes The Cut’s series on parenting, The Hard Part, and covers work and motherhood and how the two intersect. Her writing has also appeared in The New York Times, The Guardian, and The Washington Post.
Clips
Transcript preview
First 90 secondsLindsay Stanberry· Host0:00
Are kids more expensive than ever?
Corinne Lowe· Guest0:01
100% they are.
Lindsay Stanberry· Host0:02
It didn't cost this much for our parents to raise kids. Today's guest proves my point. Corinne Lowe knows what she's talking about. She's an economist at the Wharton School at the University of Pennsylvania, and she's a mom of two. And I asked her, why are kids so much more expensive now?
Corinne Lowe· Guest0:18
The reason is, is that we are kind of making something different. We are parenting, we are creating, we are investing, and that is expensive in both money, of course, but also time.
Lindsay Stanberry· Host0:31
I'm Lindsay Stanberry, and this is Family Money. I've been interviewing people about their money stories for more than a decade, and I've been a mom for just about as long. Needless to say, I have lots of thoughts on kids and money.
Emil Niazi· Guest0:43
You really talk about how women, uh, tend to feel uncomfortable talking about money.
Lindsay Stanberry· Host0:47
Yeah, yeah.
Emil Niazi· Guest0:47
Why do you think that is?
Lindsay Stanberry· Host0:48
It's scary, right? I hear from people who wanna have kids all the time, how do you actually afford to have a kid? But that's why we're here. That's what we're doing with Family Money. We're offering you advice and tips and tricks, and you're gonna hear from amazing experts to help put you at ease. Welcome to Family Money. Corinne, I'm so glad you're here today.
Corinne Lowe· Guest1:09
Me too. Can't wait to dive into it.
Lindsay Stanberry· Host1:10
We're gonna start talking about this big question that drives potential parents a little crazy and actual parents super crazy, which is, why are kids so expensive?
Corinne Lowe· Guest1:19
Mm-hmm.
Lindsay Stanberry· Host1:19
Are they more expensive than they used to be?
Corinne Lowe· Guest1:22
100% they are. Yeah. And the reason is, is that we are kind of making something different. Um- Interesting ... our model has changed-