Aussies Putting Off Having Kids Due to Cost of Living Crisis

Understand the factors and gain insights into why some Australians are opting to postpone having kids for the time being.

The decision to start a family is deeply personal. While many people dream of becoming parents, there is a growing trend in Australia of putting off having kids.

This article delves into the factors influencing the decision to have children, with a particular focus on:

• The Rising Cost of Raising Kids
• Career and Personal Aspirations
• The Changing Social Dynamics
• Biological Clock and Fertility Awareness
• The Quest for Financial Security
  
  

The Rising Cost of Raising Kids

Various factors contribute to the increasing expenses associated with raising children. While this is a topic of concern for many parents and families, here are just a few factors to consider.

Financial Considerations

Raising a child involves significant financial commitments, including healthcare, education, childcare, housing, and everyday expenses. Many Australians are cautious about taking on these financial responsibilities and prefer to prioritise their financial stability before starting a family.

A recent Compare the Market survey stated that the high costs of living have forced at least one in five Aussies to delay having a family or prefer to remain childless.

Housing Affordability

The high cost of housing, particularly in major cities, has become a barrier for many young Australians considering parenthood. Affording a suitable home that accommodates a growing family can be challenging, leading individuals to delay having children until they can establish stable housing arrangements.

The AIFS’ Families Then and Now report from 2020 revealed that as of 2016, only 71 per cent of Australian households were family units altogether down from 77 per cent in 1986.

Education Expenses

Education is a substantial financial consideration for prospective parents. From early childhood education to tertiary studies, the cost of providing a quality education for children can be daunting.

Delaying parenthood allows individuals to plan and save for their children’s educational needs, but there’s some kinks to consider. A Federal government report from 2018 estimated that early school fees top $6,000 a year and may even balloon to $20k when you consider the cost of food, personal care, and uniforms, among others.

Career and Personal Aspirations

Aussies are increasingly invested in their careers and personal aspirations. Many individuals strive to establish themselves professionally, pursue higher education, or achieve certain career milestones before taking on the responsibilities of parenthood. Delaying having children allows them to focus on their personal growth and career advancement.

Maintaining a healthy work-life balance is also a priority for many Australians. Balancing the demands of work and family can be challenging, and some individuals choose to delay having kids until they feel more equipped to manage the responsibilities of both spheres effectively.

The Changing Social Dynamics

The traditional gender roles associated with parenting have evolved over the years. Many couples now share household responsibilities and child-rearing duties more equally. This shift has prompted discussions about the optimal timing for parenthood and the importance of individual fulfilment and financial stability before starting a family.

Strong social support networks, including extended family, friends, and community resources, play a significant role in raising children. Some people may need first to feel more connected to supportive networks, providing a sense of security and assistance in the parenting journey.

Biological Clock and Fertility Awareness

Advancements in medical technology have made it possible for individuals to preserve their fertility through options such as egg freezing. This offers future parents more flexibility and allows them to delay having children without compromising their biological capacity to conceive.

The concept of the biological clock and fertility decline with age has gained prominence in recent years. This increased awareness prompts people to carefully consider the optimal time for starting a family and may lead some to choose to delay parenthood until they feel more prepared emotionally and financially.

The need for family planning also factored into the awareness of fertility and some couples might part ways if there’s any plans to have kids. In an interview with the Sydney Morning Herald, Jamie and Tenille Williams said they never wanted to have kids even though they have been together for nearly 20 years, they first met in secondary school and they agreed to remain childless in light of the environmental situation.

The Quest for Financial Security

Financial security is a significant consideration before embarking on the parenting journey. Many Australians prefer to build a solid financial foundation, pay off debts, and accumulate savings to ensure they can provide a stable and secure environment for their children.

The Choosi Cost of Kids Report 2023 polled couples who stated that they must have at least $32,910 in savings before they can attempt having a family. 53 per cent of the surveyed couples said they were okay with adjusting lifestyles to prepare for parenthood.

For some, delaying parenthood allows them to strike a balance between their desire to have children and their need for financial stability. Prioritising their financial well-being can help them approach parenting with a greater sense of confidence and security.

Understanding these factors can lead towards creating a society that supports people in their journey towards financial stability and fulfilment, both personally and as parents.

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DISCLAIMER:  This article is for informational purposes only. UBOMI has no relations with any company or individual mentioned in the article.