One in four millennials say money is putting them off having children

A recent study has revealed that financial concerns are a significant factor for one in four millennials in England who are hesitant about starting a family or having more children. The research conducted by the UCL Centre for Longitudinal Studies analysed data from 7,200 millennials born in 1989-90. Among this group, over half have already become parents, while half of those without children expressed a desire to start a family in the future.

However, only 25% of those wanting children or more offspring are actively trying to conceive. The study indicated that rising housing and childcare costs may be contributing to the reluctance to have children. Financial and employment constraints were identified as major challenges by lead author Dr. Alina Pelikh. The survey found that 28% of respondents who wanted children but were not trying to conceive cited financial reasons for their decision.

The research highlighted various reasons for delaying parenthood, with 46% of participants stating that they did not feel ready, 24% attributing it to not having a suitable partner, and 22% citing work or study demands. Interestingly, only 3% mentioned environmental concerns as a factor in postponing parenthood. Women were more likely than men to report financial worries and work/study commitments as reasons for not trying to conceive.

Dr. Pelikh noted that financial pressures, especially due to escalating housing and childcare expenses, are influencing millennials’ decisions regarding family planning. The study also revealed that a quarter of respondents were uncertain about having children, which could indicate a trend towards smaller families and more individuals remaining childless in the future.

The findings suggest that financial considerations play a crucial role in millennials’ decisions about when to have children. Dr. Pelikh emphasised the challenges faced by this generation as they navigate their childbearing choices in their early thirties. She pointed out that while those without children may be focused on establishing their careers and finding a partner, parents are dealing with the complexities of balancing existing family responsibilities with the desire for more children.

In conclusion, the study underscores the impact of financial pressures on millennials’ fertility decisions and projects a scenario of smaller average family sizes and a higher proportion of individuals without children in this cohort compared to previous generations. The research sheds light on the multifaceted factors influencing millennials’ family planning choices and the need to address the financial barriers that may be hindering their parenthood aspirations.