A new type of couple is emerging called DINKS, who are choosing financial freedom over pursuing parenthood.
DINKS are dual-income, no-kids couples that who publicly share their choice to opt out of having children.
A study by Pew Research Center found that 44% of non-parents ages 18 to 49 say they were not likely to have kids ever. This has increased by 7% since 2018.
One of the main concerns is cost. The Department of Agriculture reported it costs $292,000 to raise one child from birth to 17 years of age. If you have two kids, it costs more than half a million dollars. That does not include college.
Experts warn that the decision not to have kids may cost more in the long run. You lose the annual child tax credit and the decision will also impact later life care.
The average cost of a U.S. nursing home is $2,432 a month. Five years for one person adds up to more than $145,000.
Experts said that even though DINKS stand to save a quarter of a million dollars for each child they decide not to have, they still need to save and invest wisely to afford help in their senior years.