Millennials and Gen Z Grapple with Economy in Decisions About Children
Financial Freedom vs Family Planning
Almost a quarter of millennials and Gen Z adults without children say they plan to stay that way. The reason? Money. About 23% of these adults, ranging from 18- to 43-years-old, highlight two significant issues driving their decision: valuing the financial freedom that comes from not having kids and concerns about the costs associated with raising children.
Survey Insights into Childless Choices
According to a recent survey from MassMutual, these findings parallel an annual U.S. birth rate that has slowed to a record low. Another study by Pew indicates that Americans under 50 without children opted against having kids for both lifestyle preferences and financial reasons. For many, saving for the future or pursuing personal interests has become more appealing.
The High Costs of Parenthood
Indeed, the expense of raising a child is substantial. One study reveals that parents typically spend about $240,000 on each kid from birth to age 18, marking a notable 20% increase from 2016. The implications of these financial factors are reshaping family planning for younger generations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.