For most of American history, having children was considered part of the dream: a family, a house and the hope of building something better for the next generation. But ask Generation Z, and you hear a different story.
The other evening at the dining table all three of my children spoke about the possibility of not having children and why. It broke my heart. But more young adults say, “I don’t want children.” And their reasons tell us something very important about where America is going and the real financial reality of today’s world.
It is the money, clear and simple
Educating children has become brutally expensive in this country. The US Department of Agriculture estimates that it now costs more than $ 300,000 to pick up a child until the age of 18 – not counting the university, which can easily tackle another six more figures.
More young adults say, “I don’t want children.” And their reasons tell us something very important about where America is going. (Wodicka/Ullstein Bild via Getty images)
At the same time, the median house price has risen above $ 411,000, so that the dream of homeowners – a traditional basis for founding a family – has been out of reach for many.
America’s obsession with politicizing our children should stop
Layer on student Loan Debt of an average of $ 37,000 per borrower, rising costs for childcare and a shaky labor market full of performance and contract work, and it is no surprise that Gen Z feels out of parenthood.
A generation redefines happiness
For generations in the past, family and climbing of the business ladder was the ultimate marker of success. Gen Z rewrites the rules. Many appreciate personal freedom, career growth and travel about traditional milestones such as marriage and children. Happiness no longer means a spouse and two children in the suburbs – it can mean financial independence, meaningful work or even online communities.
And then there is mental health. This generation reports the highest levels of fear and depression of every living age group. For some, the idea to manage their own mental well -being is sufficient challenge, let alone the responsibility to raise children.
Gen Z is also the first generation that grows up with climate change that has been drilled into their heads from childhood. Polls show that almost 40% mentions environmental problems as a reason to completely postpone or avoid them. Add constant headlines about inflation, wars and pandemies, and many believe that the future is too unstable to bring a child into the world in a responsible manner.
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The gender comparison
The calculation is even sharper for women. Despite decades of progress, women still wear most responsibilities for childcare. Many in Gen Z simply do not see motherhood as compatible with their career ambitions or the lifestyle they want. With more opportunities than ever before for women in American American and entrepreneurial companies, some women are not willing to pay the prize – on time, money and freedom – which is accompanied by raising a child.
The bigger problem for America
Here is the problem: America needs babies. In 1960 the average woman had 3.6 children. Nowadays it is only 1.6 – well below the replacement rate that is needed to maintain a healthy population. If these trends continue, we will be confronted with shrinking tax basis, fewer employees to support social security and an aging population that taxes the system.
This is not just a lifestyle choice of Gen Z – it is an imminent demographic crisis for the country. And a threatening problem for Gen X -parents who hope that their children will give them a couple of grandchildren.
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As a financial adviser I understand the hesitation. As a parent it is difficult to swallow. Greating a family has never been so expensive or more uncertain. But if we want to maintain the vitality of America, we have to make family life more affordable and more attractive-through lower housing costs, tackling inflation on daily articles and tackling the astonishing price of childcare in this country.
If Generation Z opts for parenting, the personal choice of millions of our nation can shape. The question is no longer why they don’t want children – it is whether America can afford a future without them.
Click here to Van Ted Jenkin
