Population Matters

Briefing: The financial case for smaller families

Briefing: The financial case for smaller families

Babies are lovely, but extremely expensive - financially, socially and environmentally!In order to raise a child to age twenty-one and purchase a two-bedroom home, parents in the United Kingdom will have to earn, on average, almost half a million pounds.

This is the conclusion of Population Matters’ latest briefing, which finds that the average cost of raising children in the UK has increased dramatically in recent years, rising to £231,843 in 2015.

The costs of having large families are now staggering, and many households are struggling with this rising financial burden; four in ten households with children are currently earning less than they need.

Choosing a smaller family-size can therefore relieve stress, improve living standards and allow parents to invest more time and resources in their children, which can improve children’s educational attainment and future prospects.

Moreover, opting to have fewer children can have far-reaching positive societal benefits, including improving women’s empowerment and reducing environmental degradation.

Thus the briefing concludes that there are few, if any, choices that individuals can make that will have as significant and positive an impact on their financial welfare, the welfare of their children and society as a whole, as choosing to have a smaller family.

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