Adults in their prime child-bearing years are having fewer kids than the generations before them, something that came to a head in 2023 when the U.S. fertility rate reached its lowest level ever. And while every individual has their own reasons for not conceiving, the soaring cost of living is a major consideration for younger generations.
In fact, people under 50 without kids are three times more likely than older childless people—36% compared to 12%—to say they can’t afford to have them, according to a new report from Pew Research Center. Since 2018, the share of young U.S. adults who say they are unlikely to ever have kids increased from 37% to 47% in 2023.
That said, while money is a factor, it wasn’t the main reason given by either those under 50 for not having kids. For this cohort, the top reason is that they simply don’t want to. Pew surveyed 2,542 adults aged 50 and older who don’t have children and 770 adults ages 18 to 49 who do not or don’t plan to have kids.
Of course, young people could change their minds. But Pew’s research highlights a major problem for younger generations today. While they may be able to secure higher salaries than their parents, they are paying far, far more for things like housing, child care, and health expenses. That’s causing more to rethink having kids. In fact, a majority of both those older and younger than 50 said not having kids made it easier for them to afford their lifestyles and save for the future, per Pew’s report.
Even HENRYs—high earners, not yet rich—are feeling the squeeze, when they should theoretically be among the most financially comfortable in the country. Student loans are a major stumbling block, they have previously told Fortune.
“When I think of starting a family, I have hesitation to even wanting to do that with student loans still on the table,” said one 29-year old earning $125,000. “Starting to save for your kids’ student loans while still paying your own off, that’s something I don’t want to do.”
Millennial financial insecurity
It’s not hard to make the connection between the economic trials of millennials and why they might not be having kids. The oldest came of age in the Great Recession; on the whole, millennials have been later to marriage and home ownership. Many feel that their finances are in a precarious place.
A spouse and a house aren’t necessarily pre-requisites to having a kid, but they are the societal norm. And so it follows that if millennials (and now younger generations) have a tougher time affording to do those things, they also might be hesitant to have kids.
“We have a pretty strong set of prerequisites: You absolutely should finish school, and have a decent job, and you should make a decent income, and you should be in a good partnership, and you should live on your own,” Karen Benjamin Guzzo, director of the Carolina Population Center at the University of North Carolina, told the Washington Post about the phenomenon. “That takes a while to accomplish, especially in this day and age. Some people may feel like they’re never going to be in a good place.”
The rise of childless adults—or more accurately, childless women—has become a flashpoint in the presidential election in recent days, with a clip resurfacing of Republican Vice Presidential nominee J.D. Vance questioning Democratic frontrunner Kamala Harris for not having biological children (Harris has two step-children with husband Douglas Emhoff).
Democrats including Harris are “a bunch of childless cat ladies who are miserable at their own lives and the choices that they’ve made and so they want to make the rest of the country miserable, too,” Vance told Fox News in 2021. “How does it make any sense that we’ve turned our country over to people who don’t really have a direct stake in it?”
In addition to wanting to focus on other things like their careers, young people were also much more likely to name environmental concerns as a reason for not having kids than older people are. In fact, 26% of those under 50 named climate change as a reason in Pew’s report, compared to just 6% of those over 50. For the older group, the top reason given to Pew for not having kids was “it just didn’t happen.”
