Millennials Without Kids Build Higher Net Worths, Census Data Reveals

Washington, D.C. — A recent analysis by Business Insider shows that married millennials without children under 18 have a higher net worth compared to their child-having, single, and divorced peers. This finding highlights a shift in what many consider the new American dream, prioritizing financial stability over traditional family structures.

The analysis is based on data from the Census Bureau‘s Survey of Income and Program Participation, with a focus on respondents aged 27 to 42. It revealed that dual-income households often contribute to this wealth accumulation, allowing these individuals to enjoy a comfortable lifestyle without the immediate financial responsibilities of raising children.

According to the December 2023 data, childfree and married millennials are generally more educated, with many holding bachelor’s degrees or higher. The demographic also skews whiter than the overall millennial population, which is noteworthy given the varying economic status across different racial groups.

Economic differences emerged between childfree millennials and their peers. While married and childfree millennials carried slightly higher credit card debt — around $2,456 — they also boast greater retirement savings, averaging $71,886 compared to $48,408 for all millennials.

It’s important to note that these figures represent averages, meaning some married and childfree millennials have considerably less wealth. Many are not choosing this lifestyle but face challenges such as infertility, financial constraints, or limited support for parents in the U.S.

In addition, rising housing costs pose challenges, as these millennials report spending about $3,447 monthly on rent or mortgage, which can impact their financial prospects.

As millennials increasingly prioritize financial security, many are delaying starting families, further contributing to the ranks of those opting for a childfree lifestyle. This trend may suggest a growing cohort of financially secure individuals who choose to remain childless.

The findings underscore the ongoing debates about what constitutes a successful life in America, offering insight into the evolving aspirations of millennials.