New research from WalletHub shows that the best state to have a child in this year is Vermont.
WalletHub took a look at all 50 states and D.C. in terms of “health care,” “family-friendliness,” “cost” and “baby-friendliness.” They then looked at those factors in terms of 26 others before eventually giving each area a “total score” out of 100. The company used information from the U.S. Census Bureau, among many other sources.
The Top 10 states to have a child in this year
1) Vermont: 69.61
2) Massachusetts: 67.76
3) Minnesota: 67.06
4) New Hampshire: 65.65
5) North Dakota: 63.21
6) Connecticut: 59.30
7) Colorado: 57.80
8) Nebraska: 56.59
9) District of Columbia: 56.44
10) California: 56.07
Mississippi came in last place (#51) with a total score of 23.16.
How the states compare to each other
WalletHub’s infographic takes a look at this topic from a variety of angles.
Don’t make this money mistake when having kids
Steven Meyers is a psychology professor, Associate Chair of Psychology, and director of the Initiative for Child and Family Studies and Undergraduate Programs in Psychology at Roosevelt University.
He told WalletHub that worst thing “prospective parents” can do when comes to money “is avoiding planning.”
He continued, “some prospective parents will ignore these issues completely and assume that everything will ultimately work out in terms of money. Others will worry or think about finances, but only in very vague or general terms. Still, other prospective parents will focus instead only on whether they are emotionally ready for a child rather than on whether they are financially prepared. Ultimately, finances will be a major challenge for many families in the United States, where approximately 20% of children live in poverty.”
“Couples do not need to have everything figured out. Many decisions are tentative and will change as the facts and circumstances emerge. However, there is a middle ground in which parents have the needed information and have a preliminary framework as far as finances as they seek to build their families,” Meyers told the site.