One in four millennials keen to have children ‘say finances are putting them off’
A recent study revealed that only a quarter of millennials in England who desire to have children are actively attempting to do so, with financial concerns being a significant factor. The research, conducted by the UCL Centre for Longitudinal Studies and involving approximately 7,200 participants around the age of 32, highlighted the increasing cost of living as a deterrent for many prospective parents. Interestingly, slightly over half of the participants had already become parents, while half of those without children expressed a clear intention to start a family in the future.
However, the research found that only one in four individuals who aspire to be parents or to expand their families are currently taking steps towards parenthood. Among the 2,045 participants who indicated a desire for children, around 28% cited financial reasons for not actively trying to conceive. Women were more likely than men to express concerns about finances, with 30% of women compared to 15% of men reporting financial obstacles as a barrier to starting a family.
Lead author Dr. Alina Pelikh noted that financial and employment constraints are perceived as significant challenges and key reasons for delaying parenthood. Factors such as rising housing and childcare costs were identified as potential contributors to this trend. The study also revealed that participants cited various reasons for postponing parenthood, with not feeling ready being the most common (46%), followed by not having a suitable partner (24%), and work or study commitments (22%). Only a small percentage (3%) mentioned environmental concerns.
The findings also shed light on gender differences in the reasons for delaying parenthood. Women were more likely to mention financial concerns and work or study commitments as hindrances to starting a family compared to men. Dr. Pelikh emphasised that the challenges faced by this generation in making decisions about childbearing in their early thirties are influenced by current cost-of-living pressures.
Overall, approximately a quarter of the participants expressed uncertainty about having more children or becoming parents for the first time. Researchers suggested that this uncertainty could result in smaller family sizes and a higher proportion of individuals remaining childless in the future. The study underscores the complex considerations millennials are grappling with as they navigate the realms of career, finances, and family planning.
In conclusion, the findings highlight the intricate balance parents must strike between existing family and financial responsibilities and the desire to expand their families. While individual circumstances play a significant role in fertility decisions, the current economic landscape, characterised by escalating housing and childcare expenses, is shaping the fertility choices of this cohort. The study’s insights provide a compelling glimpse into the realities faced by millennials as they navigate the path to parenthood in today’s challenging economic climate.