Back to school special: the costs of raising children in Hong Kong

I recently spoke to Carolyn Wright at RTHK about the costs associated with raising children in Hong Kong. As students head back to school, many parents are taken aback by the numerous expenses that arise. Children, while a joy, can be more costly than anticipated. From swimming or language lessons to catering for the picky eater stage, and the essential purchase of laptops or iPads, it's easy to see where all your money goes.

According to Hang Seng Bank, the estimated annual cost of raising a child is around HK$284,000, totalling approximately HK$6 million in the long run. With university fees having tripled or even quadrupled over the last 40 years – far outpacing inflation – many families are left wondering how to manage these financial demands.

It's not just the basics that add up. Extra-curricular activities, such as sports tournaments and competitions, often require additional trips and resources, significantly increasing the financial burden. These enriching experiences, while invaluable for personal growth, can strain the budget. That’s before you even consider educating your children oversees.

In this segment, I shared practical tips for budgeting and planning for the costs of raising children. Listen below.

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