BMO Survey Reveals 82% of U.S. Parents Struggle with 'Out of Control' Child-Rearing Costs
Event summary
- 82% of American parents say the cost of raising kids has 'gotten out of control'
- 76% of parents with children under 18 believe financial support from extended family is essential
- Parents spend an average of $5,498 annually on groceries, the highest reported expense
- 78% of parents worry about how AI will impact their children's future earning potential
- BMO Financial Group has $1.5 trillion in total assets as of April 30, 2026
The big picture
BMO's survey highlights the growing financial burden on American parents, exacerbated by inflation and social pressures. The data underscores broader trends in family economics, where dual-income households still face significant financial stress. BMO's findings come at a time when financial institutions are increasingly focusing on personalized financial planning tools to help families navigate economic uncertainties.
What we're watching
- Financial Stress
- How the rising cost of child-rearing will impact household financial planning and long-term savings.
- Family Dynamics
- Whether the reliance on extended family for financial support will increase or lead to new caregiving models.
- AI Adoption
- The pace at which parents will integrate AI tools into their financial management strategies.
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