Nearly a Quarter of Young Adults Opting Out of Parenthood Due to Financial Concerns, Survey Finds
A recent survey has revealed that nearly a quarter of young adults who are millennials and Gen Z do not plan on having children, with financial concerns being the primary reason.
According to the Consumer Spending & Saving Index from MassMutual, 23 percent of childless respondents of these age groups say they do not plan on becoming parents due to financial reasons. 31 percent also pointed to the social and political climate of the world as a reason for not bearing children. Over 40 percent said they prioritize financial freedom over having kids.
“With today’s financial stressors, it is understandable why there is a growing trend among young adults to prioritize financial security over parenthood,” explained Paul LaPiana with MassMutual. “This shift reflects a broader understanding of the importance of financial stability and independence in achieving long-term goals that every generation must reckon with.”
The results of this survey align with other data, such as a Pew Research Center survey which found that 47 percent of childless adults under 50 do not plan on becoming parents, up from 37 percent in 2018. The rise of “DINK” (dual income, no kids) culture also reflects a growing preference for financial flexibility over the costs of raising children.
This trend comes at the same time that experts have voiced concern over declining fertility rates worldwide. University of Pennsylvania economics professor Jesus Fernandez-Villaverde warned that the world population is currently reproducing less than the replacement rate of 2.1 children per woman.
“The world population is still going to grow for another 30 to 35 years because life expectancy has gone up very fast,” he explained to Fox News. “This is called the momentum effect. But despite this momentum effect, by 2055 the world population will start going down and this is going to be truly, truly a game changer. Personally, I think it is by far the most important problem that humankind is facing right now.”
“That basically means that for the first time in 2023, humankind is probably not replacing itself in terms of children,” he continued. “This is the first time that this has happened in our history as a species. The consequences of this are going to be so absolutely momentous, an absolute game changer in our circles, everything in life.”
