It's not just you. Over 80% of parents say the cost of raising kids is 'out of control'

Most Americans are feeling the squeeze as inflation and tariffs impact everyday products, such as fast food, board games, clothes and home goods. Parents, especially, are overwhelmed.

But new survey data shows that while having kids is expensive, children are good motivators for parents to get their finances in order.

In a recent survey of 2,500 Americans by BMO Financial Group, 71% of parents with children under 18 said they felt overwhelmed by their financial responsibilities, compared with 54% of respondents without children at home. But 60% of parents set a yearly budget compared with 37% of respondents without children. Parents were also more likely than non-parents to set financial goals, have a written financial plan and have a professional financial advisor.

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“Parents today report feeling significant financial pressure − but they’re also stepping up in powerful ways to take control of their family’s financial plans,” Paul Dilda, who is in charge of consumer strategy at BMO, said in a recent news release.