Young Americans Concerned About Affording Parenthood Despite Nation’s Wealth
A growing number of young Americans are worried they cannot afford to have children despite living in one of the world’s wealthiest nations. MassMutual’s latest Consumer Spending & Saving Index reveals that 23% of childless millennials and Gen Z adults do not plan on becoming parents, primarily due to financial reasons. These financial concerns range from daily expenses, like food and clothing, to larger costs, such as college tuition and childcare.
Financial Stressors Leading to Delayed Parenthood
Paul LaPiana, a certified financial planner at MassMutual, highlighted that today’s financial stressors drive many young adults to prioritize financial stability over parenthood. The annual cost of childcare, averaging $14,760, is just one of many daunting expenses contributing to their hesitation. The trend indicates a significant shift in priorities for younger generations.
Changing Attitudes Toward Parenthood
Attitudes toward having children have shifted dramatically in recent years. In 2018, 61% of adults aged 18 to 49 planned to have children, but by 2023, that number dropped to 50%. Conversely, those unlikely to have children rose from 37% to 47%. Many young adults express ambivalence about parenthood, with only one-third citing finances as a major concern. Interestingly, older adults (50 and above) are much less likely to cite money as why they remained childless.
Marriage and Wealth-Building Trends
The article also discusses the impact of marriage on wealth-building. Married couples accumulate significantly more wealth than single or divorced individuals. As Americans marry later in life—or avoid marriage altogether—they miss key opportunities for financial growth. Delaying parenthood also creates biological risks, as pregnancies after age 35 carry higher health risks for both mother and baby.
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