• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

1

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
SuccessChildren

Millennials choosing to be DINKs could push GDP down by as much as 4%

Eleanor Pringle
By
Eleanor Pringle
Eleanor Pringle
Senior Reporter, Economics and Markets
Down Arrow Button Icon
Eleanor Pringle
By
Eleanor Pringle
Eleanor Pringle
Senior Reporter, Economics and Markets
Down Arrow Button Icon
March 19, 2025, 10:29 AM ET
A dad working while holding a baby carrier
More people are choosing not to have children and instead focus on other things—but that could have a serious impact on the economy.Ariel Skelley—Getty Images

Deciding whether or not to have children is a deeply personal choice for any individual, but an increasing resistance to becoming a parent now presents challenges to society as a whole.

The crude birth rate in the U.S. has dropped by more than half since the 1960s. Per the St. Louis Fed, sixty years ago approximately 24 babies were born per 1,000 people, in 2022 that figure stood at 11.

This drop—combined with the fact that the nation’s population is living longer—is a serious concern for economists who question how economies will function with fewer people available to do the work.

Melinda Mills is a professor of demography and population health at Oxford University’s Nuffield Department of Population Health. Mills explains: “Sustained low fertility combined with longer life expectancy results in aging populations.

“This causes strains in the labor market such as health care for older populations, the closing of schools, rethinking housing and infrastructure, and rethinking pension systems and age of retirement.”

The resulting drop in GDP from this aging population could be as much as 4%, James Pomeroy, HSBC’s global economist, previously told Business Insider.

Are Americans having fewer kids?

Previously experts believed that economies would see a post-COVID “baby bump,” spurred by a brief uptick in births in 2021.

But data from 2022 and 2023 made it clear births were reverting back to their pre-pandemic trend with couples increasingly choosing a dual-income-no-kids (DINK) lifestyle, as the CDC reported last year that in 2023 U.S. fertility rates fell to a historic low of about 55 births for every 1,000 females ages 15 to 44.

“In a low-fertility scenario, the number of people of the traditional working age could start falling within 20 years,” Pomeroy wrote in his latest note on the subject, though Mills warned the tension between fewer births and an older population is already being felt.

She explained many countries are already struggling to fill health care positions, which previously had relied on migrant workers to fill.

“This has happened in the U.K., for instance where in 2022 around 33% of migrants were to work in the health care system,” Mills, director of the Leverhulme Centre for Demographic Science, told Fortune.

“This has also caused political tensions, with countries increasingly facing choices related to sustaining the labor force and pension systems while also thinking about reskilling or urging existing inactive populations into the labor market.”

For HSBC’s Pomeroy, this will have concrete efforts on people’s daily lives: “You’ll find it more difficult to find somebody to cut your hair, do your nails, set up the X-ray machines at the hospital. The sheer decrease in the number of people…becomes a problem.”

Why are millennials having fewer children?

Young people have plenty of reasons not to want kids right now: expensive childcare, an unaffordable housing market, high costs of groceries and household essentials, career disruption, and concerns for the future of the planet.

A Pew Research study from July 2024 spoke to more than 3,000 people who either haven’t had children or don’t plan to.

Of those aged between 18 and 49—who fall predominantly into the Gen Z and millennial generations—who said they didn’t plan on having children, the top reason is simply that they didn’t want to or wanted to focus on other things.

Additionally, 38% said they didn’t want to have children because they were concerned about the state of the world, and 36% said they couldn’t afford to raise a child.

A further 26% said they didn’t want to have children because of environmental concerns and 24% said they wouldn’t have children because they hadn’t found the right partner.

Read more from Fortune

  • This entrepreneurial couple cashed out their 401(k)s and sold a $126 million company—now, they run a U.K. soccer team
  • Trump’s 25% tariffs are backfiring and threatening Gen Z’s trade career aspirations—putting car manufacturing jobs in peril
  • Gen Z women are being sold a risky dream: the realities behind ‘investing’ in designer bags like the Hermès Birkin
  • Like Tim Cook and Gen Z, AEG’s top exec eats the same lunch most days and wears the same outfit
  • Warren Buffett reveals the unique education strategy he took in school—and eventually paid off with a $170 billion fortune
  •  

    One factor impacting birth rates is also women’s increasing power and influence within the economy.

    Mills explains: “The main reasons are manifold, including shifts such women obtaining higher education and remaining in the labor market, work-family reconciliation, but also housing problems, gender equality, and uncertainty for the future.

    “The age at first birth is also above 30 in many countries for women and even higher for men at 32 and older. This also causes increasingly biological limits of fertility.”

    Couple ask if they can have a career and a baby

    Another consideration for many DINK couples is the freedom they can enjoy in their careers if they don’t have the pressure of children to provide for.

    Heather Maclean and her husband Scott Kyrish told Fortune in 2023 that the choice not to have children has allowed them to have a “rose and gardener” approach to their careers—the idea that while one person can grow and take risks, the other remains the stable supporter.

    “I never thought I’d quit my job to try and write a book. It was never something I saw as an option,” Maclean said.

    “But then I took the time to think about what I really wanted to do if I could do anything, and it took a lot of convincing and months of assurances that I could take the time off and afford it, to decide to do it.”

    A version of this story originally published on Fortune.com on Nov. 19, 2024.

    More on success:

    • Millennials are watching their student loan payments skyrocket under Trump and panicking on TikTok
    • Gen Z may not be able to afford a house or the cost of living now—but give it 10 years
    • Newly minted millennials and Gen Z now make up 40% of new Ferrari buyers
    At the Fortune Workplace Innovation Summit, Fortune 500 leaders will convene to explore the defining questions shaping the workforce of the future—delivering bold ideas, powerful connections, and actionable insights for building resilient organizations for the decade ahead. Join Fortune May 19–20 in Atlanta. Register now.
    About the Author
    Eleanor Pringle
    By Eleanor PringleSenior Reporter, Economics and Markets
    LinkedIn icon

    Eleanor Pringle is an award-winning senior reporter at Fortune covering news, the economy, and personal finance. Eleanor previously worked as a business correspondent and news editor in regional news in the U.K. She completed her journalism training with the Press Association after earning a degree from the University of East Anglia.

    See full bioRight Arrow Button Icon

    Latest in Success

    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025

    Most Popular

    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Finance
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
    By Fortune Editors
    October 20, 2025
    Fortune Secondary Logo
    Rankings
    • 100 Best Companies
    • Fortune 500
    • Global 500
    • Fortune 500 Europe
    • Most Powerful Women
    • World's Most Admired Companies
    • See All Rankings
    • Lists Calendar
    Sections
    • Finance
    • Fortune Crypto
    • Features
    • Leadership
    • Health
    • Commentary
    • Success
    • Retail
    • Mpw
    • Tech
    • Lifestyle
    • CEO Initiative
    • Asia
    • Politics
    • Conferences
    • Europe
    • Newsletters
    • Personal Finance
    • Environment
    • Magazine
    • Education
    Customer Support
    • Frequently Asked Questions
    • Customer Service Portal
    • Privacy Policy
    • Terms Of Use
    • Single Issues For Purchase
    • International Print
    Commercial Services
    • Advertising
    • Fortune Brand Studio
    • Fortune Analytics
    • Fortune Conferences
    • Business Development
    • Group Subscriptions
    About Us
    • About Us
    • Press Center
    • Work At Fortune
    • Terms And Conditions
    • Site Map
    • About Us
    • Press Center
    • Work At Fortune
    • Terms And Conditions
    • Site Map
    • Facebook icon
    • Twitter icon
    • LinkedIn icon
    • Instagram icon
    • Pinterest icon

    Latest in Success

    You wouldn’t put your entire 401(k) in one stock. Why are you doing it with your credit card points?
    Personal FinancePersonal Finance Evergreen
    You wouldn’t put your entire 401(k) in one stock. Why are you doing it with your credit card points?
    By Catherina GioinoMay 22, 2026
    2 hours ago
    Gabrielle Judge, a content creator known as “Ms. Anti Work"
    SuccessWorkplace Innovation Summit
    Founder of Ms. Anti Work says her ‘lazy girl job’ allowed her to only work a few hours a day—and she built her media company on the side
    By Emma BurleighMay 22, 2026
    3 hours ago
    Anu Madgavkar, a partner at the McKinsey Global Institute
    AIWorkplace Innovation Summit
    McKinsey partner says up to 50% of work hours could be transformed within the next 5 years
    By Emma BurleighMay 21, 2026
    18 hours ago
    Jeff Bezos
    SuccessWealth
    Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
    By Preston ForeMay 21, 2026
    19 hours ago
    Photo of MacKenzie Scott
    SuccessMacKenzie Scott
    MacKenzie Scott gave away more than $7 billion last year—but her secretive style got her snubbed from a top donors list
    By Sydney LakeMay 21, 2026
    20 hours ago
    Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
    Successcareer
    Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
    By Orianna Rosa RoyleMay 21, 2026
    1 day ago

    Most Popular

    Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
    Success
    Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
    By Preston ForeMay 20, 2026
    2 days ago
    Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
    Success
    Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
    By Preston ForeMay 21, 2026
    19 hours ago
    Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
    Workplace Culture
    Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
    By Preston ForeMay 19, 2026
    3 days ago
    Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
    Workplace Culture
    Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
    By Sydney LakeMay 20, 2026
    2 days ago
    A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
    Conferences
    A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
    By Tristan BoveMay 20, 2026
    2 days ago
    Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
    Future of Work
    Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
    By Mike Householder and The Associated PressMay 17, 2026
    5 days ago

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.