The debate over whether children should be considered a form of old-age support has resurfaced, sparked by a controversial proposal to abolish pensions. The idea suggests that individuals should rely on their offspring for financial security in their later years. However, this proposal raises concerns about the economic feasibility and ethical implications of such a system.

Raising a child is a substantial financial undertaking, with costs escalating over time. Initial expenses include childbirth, baby supplies, and early childcare. As the child grows, costs increase significantly, encompassing education, healthcare, clothing, and extracurricular activities.

The cost of raising a child until adulthood can be comparable to purchasing a property. These figures highlight the considerable financial burden associated with raising children. Many parents find it challenging to balance these expenses with their own financial needs, making it difficult to save adequately for their own retirement.

Relying solely on children for old-age support raises concerns about fairness and practicality. It places a significant financial burden on the younger generation, who may already be facing their own economic challenges. Furthermore, it assumes that all children will be financially successful and willing to support their parents, which is not always the case.

The discussion underscores the need for a comprehensive approach to retirement planning that combines personal savings, government assistance, and other sources of income. Over-reliance on any single source, including children, can create vulnerabilities and undermine financial security in old age.