The cost of raising kids is higher than ever, and Black Millennial parents will struggle the most. A new study from The Brookings Institution reports that it now costs roughly $300K to raise a child, including costs of baby food, clothing, toys, and sports and educational supplies—which are all getting more expensive due to inflation. While many Millennial families will struggle with these rising prices, Black families are uniquely impacted, and “experience higher levels of price volatility, which can make it difficult for households to determine how much the money they earn will buy.” And while shopping at more affordable stores is a survival tactic for many, Black families have “little room to adjust” when they are already shopping the cheapest available options. (WSJ, Essence)
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