MassMutual Index: Financial strain leading many to choose childfree lives
MassMutual’s latest Consumer Spending & Saving Index reveals that many younger Americans are opting for childfree lives due to financial concerns. The quarterly survey, which tracks consumer financial habits, shows that nearly a quarter of Millennials and Gen Z without children don’t plan to become parents, citing financial reasons and the social and political world their children would inherit. Both financial freedom and the high cost of raising children are equally significant factors, with 43% of younger generations mentioning these concerns.
Even among those who prepare financially for parenthood, money remains the top worry for 51% of parents. Rising costs, particularly for food and clothing, add to the financial strain. For parents sending children to college, nearly half expect higher expenses this year due to rising tuition and inflation.
Retirement savings is another major concern, with almost half of non-retired Americans feeling unprepared to retire by their desired age. Generation X is particularly affected, and many are contributing only small portions of their income towards retirement.
Overall, Americans are increasingly worried about their finances, with inflation and the upcoming US Presidential election seen as significant factors affecting their personal financial outlook.