SACRAMENTO, Calif. — A growing number of married, working couples are deciding to put off having children – or not having them at all. They’re called DINKs, or ‘dual income, no kids.’
The term has been around since the 80s but it’s making a comeback as more couples weigh the cost of raising kids against the high cost of living.
“They tend to spend more on a lot of luxury items. This could be anything from travel to new cars,” said Derek Stimel, UC Davis Associate Professor of Teaching Economics.
Embracing DINK life comes with its benefits, allowing the couple to build their careers, marriage and wealth.
“So, they often get the attention of marketing folks who want to kind of capture this demographic because they do tend to have a lot of money to spend,” said Stimel.
DINKs are a microcosm of a larger trend where families are smaller and people wait longer to have kids. Research shows a birthrate decline in the last 15 years, according to the National Center for Health Statistics.
Bloomberg also reports childcare is more expensive than rent for the average American family.
“It is making it much more expensive to have kids and raise kids in today's economy, and so that could fuel more people to make the decision to either put off or not have children at all,” said Stimel.
Because of the record number of Americans retiring this year, also known as the ‘Silver Tsunami’ and ‘Peak 65,’ DINKs could face challenges with the strain on Social Security and Medicare.
“One complication they might run into is if, for example, they've spent a whole bunch now and maybe haven't saved as much for their retirement. They might run into some extra cost that they didn't expect,” said Stimel.
The bottom line across the board? Experts recommend doing what you can now to build your savings and retirement plan. You want to be ready for any surprises, especially when it comes to financial and social uncertainty.
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