Elon Musk says society will ‘crumble’ if people don’t have more children—but even DINKs don’t want to splash out on childcare
61% of DINKs—that is, “double income, no kids”—said they could comfortably afford children, but that’s not how they want to spend their money.
Elon Musk says society will “crumble” if people don’t have more children. Unfortunately for him, the number of people who don’t want to be parents is only growing. Even DINKs—that’s “double income, no kids”—who have the means to raise children, are turning their noses up at the idea.
MarketWatch Guides surveyed 1,000 DINKs and found that the current climate (read: political unrest, global warming, multiple wars) is putting couples off procreating.
Nearly a third of DINKs admitted they are childless because the world is too dangerous to raise a child. Meanwhile, around 20% of female respondents cited concerns over reproductive rights legislation.
But most of all, having children is too much of a money drain for young couples right now.
With stubbornly high inflation, sky-high property prices, and stagnating wages, the cost of living was cited as the top reason among DINKs for not wanting to raise a family.
Nearly 90% of DINKs said raising a child today is more expensive than it has been in the past.
However, don’t be fooled into thinking that poor DINKs want to have children, but their salaries won’t stretch to cover baby food, nappies and nursery fees.
In fact, 61% of DINKs said they could comfortably afford children—that’s just not how they want to spend their money.
While around 40% lamented that it would prevent them from living the life they want, the same percentage said they’d rather prioritize building wealth.
Plus, with no children to provide for, they’re using that extra cash to travel the world, spoil their fur babies, and take an early retirement instead.
The steep price of parenthood
Despite statistically earning around $9,000 more each year, couples with children end up with less money in their pockets each month than their childless counterparts because childcare is that expensive.
Simply put, the cost of the lavish lifestyle that comes with being a DINK doesn’t compare with the financial burden that comes with having children.
MarketWatch Guides estimates that couples with children are missing out on saving around $500 a month. While DINK couples squirrel away $908 each month—in addition to the cash they’re splashing on themselves instead of their offspring—couples with kids manage to save just $413.
Separate research highlights that childcare alone—which averages around $10,600 per child, per year—eats up around a quarter of parents’ household income. And that’s without taking into account other considerations, such as needing a bigger property and having more mouths to feed.
Shockingly, the money drain that is having kids equates to around $70,000 in total, the Fed’s research suggests. Meanwhile, the toll for women who choose to become mothers is in the region of $500,000.
It’s no wonder that only 23% of DINKs stress about a lack of income, according to MarketWatch Guides. Nearly half of parents do.
Instead of stressing about their finances, nearly half of DINKs are looking forward to enjoying an early retirement thanks to their child-free status.
So, the solution for CEOs like Elon Musk who are worried the world’s rapidly declining birth rate is “one of the biggest risks to civilization”? Incentivize parenthood.
Take the South Korean construction company Booyoung Group, for example: It’s dishing out a $75,000 bonus to both male and female workers each time they have a baby, as well as footing the bill for larger families’ rent.
