I decided many years ago that I wasn't going to be a parent, and I've spent adulthood listening to a wide array of assumptions about people like me. One that comes up frequently is that people without kids must have gobs of extra money.
On a base level, this supposition makes sense -- after all, having children is expensive. Research from The Motley Fool Ascent found that the average cost of raising a child in the United States is over $310,000. And that cost is just from birth to age 17, and doesn't include any higher education costs.
Even despite saving this much money by not having children, childfree folks are not universally rich or even necessarily financially comfortable. Personally, I spent most of my adult years living paycheck to paycheck without much money in my savings account, until extremely recently.
But it was the flexibility and time I gained by not having children that made it possible for me to improve my financial standing. Let's discuss why childfree people aren't always rich in money -- instead, the financial benefits of a life without kids come from other factors.
Rich in time and flexibility -- but perhaps not in money
Being financially comfortable or even wealthy is dependent on factors outside of parenthood status, like your family's level of passed-down wealth, having a well-paying job, or even just plain luck (like a Powerball winner). And remember, financial disaster can strike anyone, regardless of whether they have kids. We're all potentially susceptible to an expensive illness, a major home repair, or a job loss.
If you're sans kids, you might be supporting other family members with your income. Or you might be working a lower-paying job, leaving you with less cash to save and invest for the future. You might be disabled and receiving Social Security disability payments, which limits how much you can earn from a job.
I know childfree people in all these situations. But they are sometimes rich in another way: They have more time and flexibility than parents often do. And that sometimes means an increased ability to invest in oneself.
What can you do with more time and flexibility?
The short answer is, potentially a lot. I used time and flexibility to turn my financial life around these last few years. When I decided three years ago that my museum career was no longer serving me, I applied for more than 400 jobs in digital content before finally getting hired for one. I took on a side hustle two years ago, and worked a lot more than the typical 40 hours a week to get out of debt. And I've kept working hard through 2023 and into 2024, saving money so I can buy a home and keep building my career as a freelancer.
If you don't have kids, you might have the opportunity to make time and flexibility work for you, too. If getting more education under your belt would make it possible for you to change careers and earn more, you can explore that option. You can take a dream job part way around the world without worrying about the school system in the area you're moving to. You might even decide to quit your dead-end job and go freelance -- even though it means paying a ton more for health insurance. Many people with children would struggle to make any of these moves.
And if the simple goal of greater financial security is something you dream of, it's likely much easier for you to take on a casual side hustle for 10 or 15 hours a week. The money you earn won't already be earmarked for bills, so you can use it to pay off debt, start saving for a big purchase (like a house), or even just give yourself more breathing room in your budget.
Don't fall for the myth that all childfree people take lavish vacations, live in giant mansions, and are somehow above the financial issues that parents struggle with. We all still need the money fundamentals, like an emergency fund to help us cope with unplanned expenses. Childfree people just might have more time and flexibility to save the money to make it happen.
FAQs
When you don't have the responsibility of paying for the costs associated with raising kids, you'll have more income to put toward your retirement planning goals. Some childfree adults may find they can retire from their careers sooner than expected or can afford to work part-time instead.
What are the advantages of not having children? ›
Choosing not to have children is a valid personal decision that can offer lifestyle flexibility, financial freedom, career opportunities, personal fulfillment, and other benefits.
How does having a child affect your finances? ›
Many living expenses may increase, including grocery, clothing, transportation, health-care, insurance, and housing costs. You may also need to account for new expenses, such as child care, or adjust your budget to account for a decrease in your income, if you decide to become a stay-at-home parent.
What are the negative effects of not having kids? ›
The most frequently mentioned effects are distress, raised depression and anxiety levels, lowered self-esteem, feelings of blame and guilt, somatic complaints, and reduced sexual interest.
Is it bad for the economy to not have kids? ›
But fewer babies being born isn't necessarily a bad thing for the economy, the firm said. The birth rate has fallen before without crimping growth, such as during the '80s and '90s, when the economy boomed despite falling fertility the prior decade. A falling birthrate is also more typical among wealthier nations.
Is it unhealthy to not have a baby? ›
Research shows that not having kids can raise the risk of certain health issues, like breast cancer. However, having kids can also raise the risk of cardiovascular disease for some women, and in others it can lead to chronic pain.
Are people happier without kids? ›
For at least 30 years, studies have repeatedly found that people without children are happier than parents in the United States and in many developed countries.
Is it healthier for a woman to not have children? ›
Other Health Issues
According to The National Cancer Institute: Women without children may have a higher risk of ovarian cancers. Endometrial cancers are more common in women without children. There may be a connection to uterine tumors.
Do you live longer with or without kids? ›
The average lifespan of a human is 71, but parents of two kids can expect a few more years with their average lifespan being 76. "One thing that is relatively clear is that having children is more beneficial to longevity than not having children at all," says Jianzhi Zhang, an author in the study.
What is the financial burden of having a baby? ›
The most significant cost of raising a baby is childcare. Families can currently expect to pay $122 per child per week on average. However, this figure will differ wildly between families with some parents in urban areas paying as much as $180 per day.
A solid emergency fund holds three to six months' worth of your take-home pay. If that sounds overwhelming, start with $1,000, then shoot for one month of expenses, and before you know it, you'll be at your goal.
Do parents help their kids financially? ›
Nearly half of US parents provide some kind of financial support to their adult children, who are grappling with higher food and living costs than they did, a new study has found.
Do childfree people regret not having kids? ›
We decided to settle the issue of childfree regret once and for all, and asked our Instagram followers, “How many of you have ever regretted your choice?” Of the thousand who replied, 4% said they'd experienced some kind of regret.
Can a childless woman be happy? ›
The GSS shows that a combination of marriage and parenthood is linked to the biggest happiness dividends for women. Among married women with children between the ages of 18 and 55, 40% reported they are “very happy,” compared to 25% of married childless women, and just 22% of unmarried childless women.
Is it OK to never have a child? ›
Even with more people choosing to go child-free than ever before, there are still many who worry that they should have kids before it is “too late.” 1 Whatever your decision, choosing not to have children is never a bad decision, and may be the right one for you. Your Child Can Suffer from Your Mental Health Issues!
How much money do you need without kids? ›
Working couples with no kids need to earn at least $62,766 to cover their basic needs in the U.S. — far less than families who also need to cover additional expenses like child care.
Do people with no kids have more money? ›
Among all households, the Federal Reserve's Survey of Consumer Finances found that couples with no children also have the highest net worth, despite earning less than households with children.
What to do with your money if you don't have children? ›
Many people without children or heirs leave money to their favorite charities, although in some cases, it's more tax advantageous to do so during one's lifetime in order to maximize deductions.
Will I live longer if I don't have kids? ›
"Having two kids corresponds to the longest lifespan," said Zhang. "Having fewer or more kids both lower the lifespan." Zhang added, people who become parents have a 5% to 10% longevity advantage over people who do not have children.
