Only 12% of Millennials think they could afford to raise children

06th March 2017

Many people still dream of having a family but it seems like these days, millennials are more focused on progressing in their career than starting a family.

A few decades ago, you’d be shocked if you thought that people are shying away from the idea of having children because they think they can’t afford it.

In fact, our research has found that just one in eight young British adults think they would ever be able to afford to have kids and a staggering three quarters of young Brits don’t think they’ll ever be financially prepared to raise children!

Do you think you will ever be financially prepared for children

The research also revealed that more than a quarter of 18 to 30-year-olds rate their career as far more important than starting a family or getting on the housing ladder.

What is the most important

Despite financial concerns, our survey found that nearly two thirds (61 per cent) said they would love to have kids one day, with the average respondent saying two kids by the age of 31 was ideal.

how many children do you want

However, only 39% of young Brits said they are prepared to take a career break to start a family.

Nearly a fifth (17 per cent) of those quizzed have no desire to ever be parents and are saving their money for holidays and new homes; possibly because they may not have the opportunity to take a break once they’ve had their children!

Are you prepared to take a career break to start raising a family?

In July last year, statistics from the Office of National Statistics revealed that women over the age of 40 are now having more children than those in their 20’s.

The report said, “This may be due to a number of factors such as increased female participation in higher education and the labour force, the increasing importance of a career, the rising costs of childbearing, labour market uncertainty and housing factors.”

But it’s good news for all the romantics out there as it seems the tradition of a white wedding is not dead! 90 per cent of young adults saying they would like to get hitched one day, despite more people shying away from the idea of having children earlier in life.

More than half of those surveyed are currently saving for their future and the average young Brit has £5,000 saved, while one in five have already managed to save a whopping £10,000.

Young East Anglians have the most cash tucked away, while those in the North East have banked the least – saving an average of £5,920 compared to £3,640.

With increasingly more people putting off kids for later in life, it’s becoming clearer that having a cosy bank balance and a family doesn’t always work in harmony!

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