New research has confirmed that increasingly less Millennials and Gen Zers are not having children, and there is a “scary” reason why.
More than half of 18 to 34 year olds are choosing not to have children due to financial challenges, according to newly-released date from Australian research company The Red Bridge.
Of the young people choosing not to have children, 35 percent are university-educated, and 33 percent are earning more than $2000 a week.
Just under half don’t own a home.
Kos Samaras, director of Red Bridge, said the research is a sign of the times, and young people are financially strapped to a point where they can’t even consider bringing kids into the equation.
“The amount younger people have to pay out on mortgages or rent, they’ve also got HECS debt and are often living beyond their means,” he told news.com.au.
Mr Samaras said he believes that young Australians are likely planning to have children later in life, but by then, it’ll be more “difficult” for them.
“For previous generations, it took until their 30s to obtain financial security, and for Generation Z and Millennials, it’ll take well into their 40s,” he pointed out.
Ultimately Mr Samaras said that young people aren’t being dramatic by not starting families because, financially, it could cripple them.
“If you were a financial adviser of these young people, you’d be saying you can’t afford it,” he said.
Influencer Laura Henshaw, 30, is one of those women who has put off having children. In fact, she’s not even sure if she wants them at all.
She recently launched a podcast aptly titled Do I want kids? and she’s been discussing the issue endlessly, giving real insight into why so many young women aren’t sold on becoming mums.
Ms Henshaw told news.com.au that she spoke with more than 1000 people and one of the main reasons people are hesitant to enter parenthood is money.
“One of the main reasons was cost. So many people are worried about renting and having children and want to buy before they do,” she said
The cost-of-living crisis has also meant that young people are now relying on two incomes to pay the mortgage or rent.
“Because of the cost of living, most couples rely on both incomes to support the household, which is so different to the generations before us where it was so much more common to have a stay-at-home parent and a working parent,” she said.
“This is why many of them are waiting longer, as the single income won’t be enough to support them, so they need more time to build up savings.”
Plus, some parents even sent stories to the podcast claiming they wished they’d waited to have children because of the “financial strain” it had put on them.
For Ms Henshaw, what makes her so nervous about having children is less the money, because she’s in privileged financial position, but that burning question of whether can she juggle having a career while also being a mum.
“My biggest fear is, can you do both? Can you have a career and have children? It is a real fear to become no longer relevant,” she said.
Ms Henshaw said she has concluded that she can do both, but she’s worried that once she becomes a mom, other people will start to limit her career.
“I don’t want people to make decisions for me. I don’t want people saying ‘Laura can’t take that job, she’s just had a kid’. People can assume that because someone has a child, they won’t go for that job or promotion and we owe it to women to not assume and ask them,” she said.
Late last year, Australian model Ellie Gonsalves, 33, went viral for sharing a list of 117 reasons she didn’t want to have children.
She stressed that the list was very “personal”, but after years of being asked why she didn’t want to be a mom, she decided that a comprehensive list might stop the constant questions.
The list included lighthearted reasons like “kids can be rude” and more serious explanations like “they are your responsibility until you die”.
The list caused such mass outrage, that she ended up on The Project justifying her right not to have children.
Ms Gonsalves told news.com.au that, while she’s made her reasons clear for not having children, she’s found other women aren’t sold on the idea because of the current financial pressures.
“From conversations with friends, it’s evident that many women are choosing to remain child-free due to a combination of concerns,” she said.
“When considering having children in Australia’s current economy, people face several significant problems, such as job insecurity, high cost of living, childcare expenses, educational costs, work-life balance issues, mental health challenges, environmental concerns, lack of social support, and insufficient government policies.”
Ms Gonsalves said that having a baby today is different from 20 or 30 years ago.
“Many people are finding it very challenging to prepare for their own future while also trying to provide a stable and prosperous environment for a child,” she said.
The Australian model pointed out that, while the government might want people to return to starting families in their late twenties and early thirties, she can see why women aren’t sold.
“Treasurer Jim Chalmers recently said he would like to see Australians have more children, that’s great, but how is the government helping provide an environment where people can comfortably do that given the current economic challenges?” she asked.
“Until there’s a more supportive environment, including affordable housing and better economic stability, it’s understandable why many people are hesitant to take on the responsibility of raising children.”