It is undeniable that the cost of living has risen sharply in recent years. Housing prices continue to climb, some food is “worth its weight in gold,” and socialising with friends and family is becoming increasingly costly.
This surge in prices has also impacted family purchasing power, particularly for households with children, as highlighted by a recent Remitly study.
The cost of raising a family has risen by almost 50% on average worldwide over the past decade, according to the financial services provider. In some countries, however, the increase has been far higher. In Hungary, for instance, the resources required to support a family have surged by 110% over ten years.
Portugal ranks second, with family costs nearly doubling during the same period, while Spain completes the podium with a 78% rise.
Close behind are Ireland, Slovenia and Estonia, where costs have grown between 74% and 77%. Lithuania (65%), Poland (61%), Greece (56%) and the United States (48%) round out the ranking.
