Raising a family is costly. There are a lot of expenses that raising children and running a household present that people may not think of or be prepared for at first.
Data from a new Gallup poll show that the average family believes the annual cost of living for a family of four is more than $55,000.
In the United States, the federal line for poverty for such a family is set to around $24,000. Even Americans making fewer than $30,000 per year reported a belief that it takes $43,000 combined between spouses to have a livable family income.
Families reported higher necessary incomes depending on their communities and lifestyles. People in more affluent communities reported needing much more money to “get by” than those with less money. Nevertheless, the average family requires a great sum of money to be successful.