Fewer Gen Zers and younger Millennials are choosing to have children, citing financial hardship as their main concern, recent studies have found.
A new survey of Gen Zers (those born from 1997 to 2012) in the U.S. and Canada found 4 in 10 young people said they will delay marriage and parenthood.
Just 38% said they hope to get married and have children over raising a pet due to financial stress, Newsweek reported, citing the data collected by Best Ontario Casino Sites.
Michael Ryan, a finance expert and founder of MichaelRyanMoney.com, told Newsweek that "rampant inflation and the high cost of living" are to blame for "making major life decisions like parenthood seem impossible and financially burdensome."
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"Having kids represents a massive financial commitment that many simply don't feel equipped to take on right now," Ryan told the outlet. "Pets offer the companionship and responsibility of caring for another life but at a much lower cost."
HOUSING AFFORDABILITY AN IMPORTANT ELECTION ISSUE TO 91% OF GEN Z ADULTS, SURVEY REVEALS
The issue seems to be front of mind for young U.S. voters in the 2024 presidential election. A new survey conducted by real estate website Redfin found that housing affordability is the most important issue among adult Gen Zers, with 91% of the voting group aged 18 and older citing the issue as a deciding factor for who they will support this November.
Both President Biden and former President Trump have made an effort to court young voters ahead of Election Day.
"Housing affordability is a cornerstone of this year’s presidential election because even though the economy is fairly strong, unemployment is low and wages are rising, buying a home feels impossible for many Americans," Redfin senior economist Elijah de la Campa said in the report.
"This is particularly the case for young people, who have seen the cost of starter homes increase twice as fast as incomes," he said.
The findings were similar in Australia, where more than half of those in the 18- to 34-year-old age group are reluctant to have children due to strained finances, Red Bridge, an Australian research company, concluded.
Of the groups analyzed in the study, 35% are educated and 33% are earning more than $3,000 (AUD) a week, news.com.au reported. Less than half are homeowners.
Kos Samaras, director of Red Bridge, told the outlet that between exorbitant mortgages, and student loans, money is so tight for young people that the thought of starting a family overwhelms them.
"If you were a financial adviser of these young people, you’d be saying, ‘You can’t afford it,’" he said.
