Slow economy forces young couples to delay or skip parenthood
Although many Floridians would consider a child a blessing, few people can dispute that having a child is a huge financial undertaking. From diapers to a college education, the expenses can add up. Unfortunately, when parents are also struggling with credit card debt, student loan debt, mortgages, and other financial obligations, the costs of raising a child can leave some people searching for debt relief.
For several reasons, many of them economic, young Americans are delaying marriage, the purchase of a home, and parenthood. For some couples, the delay may be so severe that they will never get around to having kids. Since the start of the recession in 2007, there has been a steady decline in the number of babies born in the United States. Following recessions, the birth rate often drops, but it quickly bounces back to previous levels; however, the birth rate has yet to increase to pre-2007 levels.
As more young people struggle to pay off their student loans, they’re also facing a tough labor market, which makes it difficult to find secure employment. Although some couples hold jobs, they may be uncertain about their long-term career prospects. If the birth rate does not improve, the next generation could see an alarming decline in the labor market, which could to future economic troubles.
Unfortunately, overwhelming debt may contribute to a couple’s decision to have children. However, some people may be able to get a fresh start through personal bankruptcy. People in this situation may want to set up an appointment with a bankruptcy lawyer.
Source: Today, “Dreams delayed or denied, young adults put off parenthood,” Allison Linn, July 10, 2013