Gen Z and Millennial Adults Say They Can't Afford to Have Kids

(New York, NY) - Citing financial hardship, one-in-four Gen Z and Millennial adults say that they will not be having children.

A new survey from MassMutual claims 23% of adults ages 18 to 43 plan to remain childless because they are concerned about their ability to afford children.

“With today’s financial stressors, it is understandable why there is a growing trend among young adults to prioritize financial security over parenthood,” stated Paul LaPiana , CFP, head of brand, product and affiliated distribution with MassMutual. “This shift reflects a broader understanding of the importance of financial stability and independence in achieving long-term goals that every generation must reckon with.”

Many also claim they like the financial freedom of not having kids.

Nearly half of Gen Z respondents said they "do not set aside a fixed amount every month for their retirement, while one-fourth (24 percent) said they're not contributing anything at all toward their nest egg."

It's the first survey from MassMutual to ask Millennials and Gen Z adults their reasons for not having kids, so it's not clear if it's a trend.