Few would disagree that starting a family puts a financial strain on new parents. Today, many younger Americans are taking that to heart and opting to continue their childfree lives, according to MassMutual's latest Consumer Spending & Saving Index.
MasMutual's third-quarter survey found that 23% of millennials and Generation Z without children do not plan to become parents. The most common motivations for remaining childfree are a preference for the financial freedom that comes from not having children and the inability to afford children.
Thirty-one percent of both generations say they do not plan to become a parent because of the social and political world their children would inherit.
"With today's financial stressors, it is understandable why there is a growing trend among young adults to prioritize financial security over parenthood," Paul LaPiana, MassMutual's head of brand, product and affiliated distribution, said in a statement. "This shift reflects a broader understanding of the importance of financial stability and independence in achieving long-term goals that every generation must reckon with."
PSB Insights conducted the online study in July among a nationally representative sample of 1,000 U.S. adults. Within the same timeframe, the firm polled an additional sample of 500 adult Massachusetts residents.
Other Index Results
The research found that 73% of respondents with chidren under 18 took steps to financially prepare for parenthood, most commonly by increasing savings. Still, 51% worry that they will not have enough money to support their family. They report that food and clothing are their biggest child-related expenses.
