Survey shows nearly a quarter of millennials and Gen Z won’t have kids because they can’t afford them

The debate over the state of the economy will linger long after Tuesday evening’s debate between former President Donald Trump and Vice President Kamala Harris, and a new poll shows one reason why.

Nearly 25% of Gen Z and millennial respondents to a MassMutual survey say they won’t have kids because they simply can’t afford to have them. 

The company has published its latest Consumer Spending & Saving Index, which also revealed 43% of those younger people cited “a preference for financial freedom and the inability to afford children” as the main reasons they won’t be having them. 

The poll also revealed that money woes were the “primary” source of anxiety for new parents — even though 73% said they financially prepared for parenthood. 

That worry is no surprise, considering a 2023 LendingTree study showed raising a child from birth to age 18 costs an average of $237,482.

Even for the 38% of prospective parents who say they socked away savings before getting in a family way, 51% worry it’s not enough — with 57% citing food and 51% saying clothing are the biggest expenditures causing them stress.

Paul LaPiana, a certified financial planner with MassMutual, said of its report, “With today’s financial stressors, it is understandable why there is a growing trend among young adults to prioritize financial security over parenthood.”

He continues, “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.”

Survey questions, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.