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Is inflation causing American families to have fewer children? Yes.
According to data from the Department of Agriculture, Inflation Statistics According to the Bureau of Labor Statistics, raising a child in 2023 could cost an average of $331,933 from the time the child is born until they turn 18. And that doesn’t include the cost of a college education.
In 2015, it was estimated that it cost just $233,610 to raise a child, and the costs of childcare, food, and housing have skyrocketed since then. This means that compared to nine years ago, American families need to shell out an extra $100,000 just to send a child through high school.
Young people are putting money at the center of their decisions and choosing not to have children. (iStock)
How are young families thinking about having a family? They’re not simply delaying having children until later in life, but rather choosing to avoid having children altogether, with money at the heart of their decision.
Gen Z voters reveal issues that will affect their 2024 vote
Birth rates are already at record lows, with the fewest babies expected to be born in 2023 since 1979. These challenges will not only impact where modern families live across the country, but will also result in severe labor shortages two decades from now.
One issue that resonates with young voters and influences their financial desire to have children is home affordability. More than nine in 10 Gen Z adults (91%) say home affordability will be important when considering who to vote for in the next election. The issue ranked higher than abortion rights, gun control, and even foreign wars.
In fact, this speaks to the economics of why young people don’t want to have children and how the cost of living is impacting their wallets and making it difficult for them to even afford to support their families. House price to income ratio In the United States.
Angry Gen Z Americans detail ‘fight for survival’, rant goes viral: ‘I can’t afford to live’
In 1980, the median home price in the United States was $50,000 and the median income was $25,000. Today, home prices have soared to an average of $423,000 and the median income is about $65,000. This means that the ratio of home prices to income in the United States has tripled in 45 years, from 2:1 to 6:1.
Beyond financial concerns, Gen Z’s lack of interest in having children stems from a desire to have more time, travel and explore other lifestyles rather than start a family. A phenomenon called DINK (Dual Income No Kids), which began in the 1980s, became popular on TikTok and has quickly been embraced by this generation as a conscious choice against having children.
Besides economic reasons, some members of Gen Z also cite climate change and political instability as reasons for not wanting to have children.
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The irony is, I have three kids in their 20s myself, and I’m thinking, “How do I get them off the payroll?” and watching my kids think, “Do I want someone on the payroll?”
According to the recently released Bank of America 2024 Gen Z Financial Wellbeing Report, more than 50% of Gen Z adults consider the cost of living to be their biggest challenge and biggest barrier to their own success, which in turn plants the seed of doubt about how they will be able to take care of other human beings.
and Credit card debt nears $1.2 trillionWith student loan debt still hovering at $1.7 trillion and outstanding auto loan debt exceeding $1 trillion, addressing rising inflationary costs across the board will be one of the most important tasks for the next U.S. president.
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It’s not just about filling up the tank of gas, putting food on the table or being able to pay rent, it’s about giving younger generations the confidence that not only is it great to have a family, but that it’s important to be able to afford to have one.
With the rising cost of everything right now, this generation is only thinking about themselves rather than the future.
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