1/4 of Gen Y and Z in the US say they do not intend to become parents for financial reasons

Many young Americans say they are worried about not being able to afford having children - Illustration photo

The report found that 23% of that age group do not plan to have children, and nearly a third (31%) of Gen Y and Gen Z do not plan to become parents; 43% cited the desire for financial freedom and the inability to afford children as potential reasons for opting out of parenthood.

These data are similar to research from the Pew Research Center, which surveyed Americans under 50 in July, and found that a large proportion of Americans under 50 said they could not afford to have children (36%), while others said they were “concerned about the state of the world” (38%) or did not want to have children (57%).

“It’s hard to find parents who aren’t struggling financially to some degree,” Paul LaPiana, head of brand, product and distribution at MassMutual, told CBS MoneyWatch .

“Economic and market cycles come and go and there are always factors that impact financial hardship for parents,” LaPiana says.

A January 2024 report from child care website Care.com found that parents are spending nearly a quarter of their household income on child care, and many are facing a “child care cliff” — meaning higher costs due to the end of an era of funding for child care programs.

“With the majority of families in the U.S. dual-income, the demand for child care is growing and the supply is not enough to meet it,” Bryan Jamele, head of government affairs and public policy at Care.com, said in the report.

“The supply-demand imbalance existed before the pandemic, worsened during and because of the pandemic, and is now at its most severe as many childcare funding programs end,” said Jamele.

During election time, child care is an important issue for presidential candidates in the United States.

“Unlike a lot of other issues that are labeled red states or blue states, child care is truly bipartisan. Because legislators have one common constituency, and that's parents,” Jemele said.

Both presidential candidates have called for strengthening the federal Child Tax Credit, which is a tax refund given to parents/guardians when they pay for and support a child's education.

Vice President Kamala Harris has proposed a $6,000 tax credit for parents of newborns as well as returning the expanded Child Tax Credit during the pandemic.

Vice presidential candidate JD Vance floated increasing the child tax credit to $5,000 per child in an interview with CBS, but Trump has yet to officially acknowledge that position.

Source: https://tuoitre.vn/1-4-gen-y-va-zo-my-noi-khong-co-y-dinh-tro-thanh-cha-me-vi-ly-do-tai-chinh-20240917232533304.htm