For couples who choose not to have kids, finances look considerably different

Becoming a parent is a big decision and the timing of starting a family frequently includes careful consideration of the financial implications.

But for a significant cohort of Americans, the numbers just don’t add up, prompting them to forego parenthood in favor of maintaining a lifestyle and enjoying financial benefits that they would not have if they had kids.

These are not those who face the heartbreak of not being able to create the family they want, these are DINKs – couples who have ‘Double Income, No Kids’ – who say that this dynamic makes financial sense for them.

A report from Marketwatch reveals that the typical cost to raise a child is $313,939 and for 58% of DINKs who took part in the research saving money is their primary motivation for remaining childless. It also found that more than half said they have less financial stress and 46% report having more disposable income.

Six in ten DINKs said they could comfortably afford children, but 39% said kids would prevent them from living the life they want.

While 50% of parent couples said lack of savings caused them most financial stress, 46% said it was lack of income, and 41% said their debt. This stats fell to 31%, 23%, and 30% respectively among DINKs, who had an average $908 in monthly savings compared to $413 for parent couples.  

DINKs revealed how they spend the share of their disposable income that would otherwise go toward kids with savings and travel at 56% each, 44% for hobbies, 43% for pets, 41% for shopping, 41% for investing, and 20% for taking care of family members.

However, the report also shows that DINKs are not living in a financial nirvana with 44% having non-mortgage debt, including 70% who have credit card debt, 51% auto loans, 34% student loan debt, 28% personal loan debt, and 22% medical debt.