‘Childless cat lady’ is a more common lifestyle choice. Here’s what being child-free means for your money

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Posted on 09/25/2024 5:12:05 PM PDT by Morgana

The stigma of the “childless cat lady” persists, but these days, more young adults are embracing that label and opting out of parenthood — and benefitting, at least monetarily.

Nearly a quarter, or 23%, of millennials and Generation Zers without children do not plan on having children, primarily due to financial reasons, according to a recent consumer spending and saving index by MassMutual.

A preference for financial freedom and the inability to afford children are equally cited by 43% of younger generations, MassMutual found. The survey polled 1,000 adults in July.

To be sure, money is a major reason some young adults are choosing not to have kids.

But also, over decades, attitudes about marriage and parenthood have changed.

Since the 1970s, the overall share of married adults has declined and fewer couples are having children, according to a 2023 report from Pew Research Center. Last year, the U.S. fertility rate reached a historic low.

Now, adults without children, both married and unmarried, are better off than than their peers with kids, in terms of median wealth and retirement savings, a separate Pew Research Center study found in May.

The majority of adults without children said not having kids has made it easier for them to afford the things they want and be successful in their job or career, Pew also found.

Although there is a financial benefit, “it’s not like you are child-free and checks fall out of the sky,” said Jay Zigmont, author of “The Childfree Guide to Life and Money.”

In many cases, being a SINK (single income, no kids), DINK (dual income, no kids) or DINKY (dual income, no kids yet) does come with certain financial planning considerations that differ from the standard strategy.

(Excerpt) Read more at cnbc.com ...

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1 posted on 09/25/2024 5:12:05 PM PDT by Morgana

To: Morgana

2 posted on 09/25/2024 5:15:45 PM PDT by dadgum

To: dadgum

3 posted on 09/25/2024 5:16:37 PM PDT by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)

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