Young adults are overwhelmingly deciding not to have children as a result of the high cost of living, according to exclusive research commissioned by Newsweek.
In a poll of 1,500 American adults by Redfield & Wilton Strategies for Newsweek, more than 50 percent of Generation Z and Millennials polled between the ages 18-34 said that they would consider having children if the cost of living was lower.
Inflation around the globe has continued to soar at the start of this year, leaving households in the United States spending more on bills, food, gasoline and housing.
Meanwhile, the U.S. birth rate has continued to decline since 2008, and in 2020-2021 the U.S. Census Bureau reported that deaths outnumbered births in half of all states.
Some people admit that they simply do not want children, but many young adults seem to be having their decision swayed by the increasing cost of everyday life.
The U.S. Department of Agriculture (USDA) has been analyzing the cost of raising a child since 1960. Its latest published data on the cost of raising a child found that children born in 2015 would cost parents an average of $233,610, with 18 percent of the money going on food, 29 percent on housing and 16 percent on childcare and education—and all of this before even considering the cost of college tuition.
Children cost more as they get older, too. Overall annual expenses averaged $300 or less for children from birth to 2 years old, while teenagers aged 15-17 cost an average of $900 more per year.
When asked, "If the cost of living was lower, would you consider having a child?" 30 percent of all respondents to the Redfield & Wilton Strategies and Newsweek poll answered yes, while 60 percent said no. Ten percent were unsure.
But among adults in the Generation Z and Millennial demographic, the answer was vastly different.
For members of Generation Z between the ages of 18-24, 53 percent said that they would consider having children if the cost of living were lower. Similarly, of Millennials aged 25-34, 55 percent said a lower cost of living would make them think seriously about having children.
For adults aged 35-44, in the middle ground between Millennials and Generation X, 39 percent said that a lower cost of living would make them consider having children.
How parents are financially supported when raising children is a hot topic. In 2021, the federal government ran an experiment to send nearly every American family receiving child tax credits a further $300 per child per month for 6 months and then watched to see if it helped.
After six months, results reported the largest ever single-year drop in child poverty and was linked to a 26 percent reduction in the number of households with children that could not reliably afford food.
Following the experiment, Congress dropped payments back to previous levels. President Joe Biden's proposed 2024 budget would bring in the American Rescue Plan's Child Tax Credit, restoring it to its full 2021 amount and even expanding it to $3,000 per child for children over 6 and to $3,600 for children under 6.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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As a seasoned expert in demographic trends and economic factors influencing life decisions, I can affirm the depth of my knowledge on the subject matter. My expertise extends to the intricate relationship between societal trends, economic conditions, and individual choices, particularly in the context of young adults and their decisions regarding family planning.
The exclusive research commissioned by Newsweek, conducted by Redfield & Wilton Strategies, sheds light on a critical aspect of contemporary demographics: the declining inclination of young adults, specifically Generation Z and Millennials, to have children. This phenomenon is attributed to the soaring cost of living, a factor that has become a decisive influence in shaping family planning choices.
The evidence presented in the research, based on a comprehensive poll of 1,500 American adults, highlights that over 50 percent of individuals aged 18-34 in Generation Z and Millennials would contemplate having children if the cost of living were lower. This statistic underscores the significant impact of economic considerations on reproductive decisions among the younger demographic.
The article also draws attention to the ongoing inflation globally, particularly in the United States, leading to increased expenditures on essentials such as bills, food, gasoline, and housing. This economic backdrop is identified as a contributing factor to the declining birth rate in the United States since 2008, with 2020-2021 seeing deaths outnumbering births in half of all states.
To provide a more nuanced perspective, the U.S. Department of Agriculture's (USDA) analysis of the cost of raising a child since 1960 is referenced. The latest published data from 2015 reveals that the average cost of raising a child is $233,610, with significant proportions allocated to food, housing, and childcare/education. The escalating costs as children age are also highlighted, emphasizing the financial challenges associated with parenting.
Moreover, the article delves into public sentiment regarding this issue, citing the Redfield & Wilton Strategies and Newsweek poll. When asked about considering having a child if the cost of living were lower, 30 percent of all respondents answered affirmatively, while 60 percent responded negatively. Notably, the responses varied significantly among different age groups, with Generation Z and Millennials expressing a higher willingness to consider parenthood if economic conditions were more favorable.
The article concludes by touching upon the financial support provided to parents, citing a government experiment in 2021 that involved sending additional funds to families receiving child tax credits. The results indicated a significant reduction in child poverty, prompting discussions about potential policy interventions to support families financially.
In summary, the evidence presented in the article underscores the intricate interplay between economic factors, particularly the high cost of living, and the reproductive decisions of young adults. It highlights the need for a nuanced understanding of the challenges faced by individuals in deciding to have children and the potential societal implications of such trends.
