Written by: Jon McDonald
Edited by: Austin Lang
Reviewed by: Ashley Fricker
Having children is one of life’s greatest decisions you can make, but it’s not for everyone. Whether you’re single and want to eventually settle down and start a family, or you’re happily childless with a partner, nearly every millennial and Gen Zer needs to consider the baby question eventually.
In a new survey of over 1,000 American millennials (ages 28-43) and Gen Zers (ages 18- 27), BadCredit.org sought to better understand their feelings toward having and raising children.
Why Americans Plan to Delay Having Children
More than half of millennials and Gen Zers (52%) surveyed said they have delayed plans to have children. When we break this down by gender, 51% of women surveyed have said they’ve delayed starting a family, as have 54% of men.
The number one reason for delaying children is finances (86%). Millennials and Gen Zers also cite the loss of personal freedom (48%), housing (42%), their career (40%), and medical or health concerns (25%) as reasons for putting off starting a family. When it comes to the timing of having children, 44% said they want to have children in the next five years, while 31% don’t want children at all.
It’s no secret that many people consider the state of current affairs when considering growing their family. Our survey found that many young adults aren’t optimistic about the future of raising kids in the U.S.
Only 17% of those surveyed report feeling optimistic, 31% remain neutral, and more than half (52%) feel pessimistic about raising children in the U.S. When broken down by gender, 59% of women are pessimistic, compared with 44% of men.
3 in 5 Said a Higher Income Could Change Their Mind
A 2015 study from the U.S. Department of Agriculture found it costs more than $233,000 to raise a child. Taking inflation into account, that estimate goes up to $305,000 in 2024.
Millennials and Gen Zer respondents overestimated the amount it will cost to raise a child from birth to 18 years old, with respondents guessing the average two-parent household would end up spending around $450,000.
Financial stability is vital, with 72% saying it’s extremely important to have before deciding to have children. To have enough money to feel financially stable, 1 in 4 younger Americans are currently saving money specifically to raise a family. When we take a look at the gender breakdown, 28% of men said they are saving, compared with just 13% of women.
The prediction of costs to raise a child from the USDA doesn’t include college or continuing education, and most (72%) millennials and Gen Zers are concerned about the potential educational costs of having children. Finances can make or break the decision to have kids, with 60% of respondents saying a higher income would change their minds.
It’s not just education costs that potential parents are worried about. Nearly 3 in 4 said they are concerned about potential daycare or childcare costs. Just about every millennial and Gen Zer — 93% of those surveyed — said the cost of childcare in the U.S. is too high.
Many respondents (71%) believe both the government and employers should offer more support for parents. The types of support they’d most like to be offered include paid parental leave (78%), remote work options (53%), and flexible work hours (51%).
31% Feel Pressure to Have Children and Prioritize Their Career
Having a child drastically changes your day-to-day life. Almost half (48%) of those surveyed said they aren’t willing to change certain aspects of their current lifestyle to have children. For the 52% who would be willing to give up certain things, luxury or high-end purchases (53%), nightlife or social events (51%), dining out frequently (50%), and travel and vacations (31%) top the list of potential budget cuts.
Even though half of the respondents said they were willing to sacrifice aspects of their lifestyles for a kid, the majority (81%) said their current lifestyle without children satisfies them. In fact, 1 in 4 are self-reported “DINKs,” or dual income no kids, and 21% are self-reporting “DINKWADs,” or dual income no kids with a dog.
When it comes to raising children, 86% believe it’s more challenging in today’s society than it was in previous generations. Only 14% believe raising a child was more difficult in past generations. More than half (62%) said they don’t feel prepared to handle the emotional and psychological challenges of parenting.
“Overall, it’s good news that people are attuned to the expenses involved in parenthood. Having a financially stable life will certainly make it easier and more enjoyable to raise a child,” said BadCredit Finance Expert Erica Sandberg. “I encourage people who do want a family to prepare as much as they can in advance rather than completely avoid their dream.”
Jobs and careers are also a factor for many when thinking about having children. Nearly half (48%) of respondents believe kids would negatively impact their careers. Women believe this slightly more than men, at 55% versus 41%. Additionally, more than 3 in 4 (79%) respondents think having children would make it difficult to maintain a work-life balance.
With these concerns in mind, 21% still said they feel societal pressure to have kids, and even more (31%) feel pressure to both have children and prioritize their careers.
“There are so many ways to lower costs, especially in the early years,” Sandberg said. “For example, most respondents say they are concerned about daycare and childcare expenses, but alternatives such as sharing a caregiver with another family can vastly decrease the cost. Be open to options.”
Sandberg continued: “Additionally, there is a lot of heavy-handed marketing related to children. Many experienced parents — including me — will tell you that you need a lot less stuff than you probably think. From baby wipe warmers to state-of-the-art high chairs, if it wasn’t available when you were growing up, chances are you don’t need it.”
Methodology
In July 2024, we surveyed 1,002 Millennials (28-43) and Gen Zers (18- 27) without children from across the U.S. Respondents were asked about their thoughts and plans for having children. Respondents identified as 45% female, 52% male, and 3% non-binary.
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