Suncorp Bank's 2021 Cost of Kids Report revealed the cost of raising a child in Australia has increased more than 10% in the past five years.

Technology and communication devices are the single biggest blowouts since our last report in 2016, with parents now spending 186% more on keeping each child 'connected' per month. Five years ago, technology stood at $37 per child per month, today it's $106 per child per month spent on mobile phones, computers, and gaming consoles.

The Bank expects technology to continue to rise, and if it maintains the same trajectory, parents will be faced with a monthly spend of over $300 per child in 2026.

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Suncorp Group Ltd. published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 21:08:08 UTC.