Being Childfree May Not Make You Rich, But It Might Make You Happy
WATER VALLEY, Miss., Oct. 6, 2022 /PRNewswire/ -- The results of Childfree Wealth's first study of how being Childfree impacts your finances and life are out. The bottom line was that being Childfree did not automatically make people rich, but 94% (n=281) of those surveyed said they were happy with their life.
The survey was completed in Spring 2022 and had 299 respondents. All participants were Childfree (defined as don't have kids and aren't planning on having kids) and located in the US.
Key findings:
Net Worth –Rather than look at the median or mean net worth, it was helpful to look at categories of net worth. Interestingly, while approximately 9% of the US as a whole are millionaires, 13.4% of those surveyed are millionaires. At the same time, an Aspen Institute study found that 11% of the US has a negative net worth, while in the Childfree sample, 32.4% had a negative net worth.
Income – The median income range was $60,000 - $89,999 in the study. In comparison, the US Median was $54,132 for the second quarter of 2022.
Happiness - When asked the question: "Are you happy with your life?" The overwhelming answer was yes (n=281, 94%). Respondents shared that they were happy with their life overall, and particularly the freedom they have.
Why Childfree? - We asked why people choose to be Childfree, and the answers were complex (53.17% had more than one reason). The top themes included:
Theme |
Freq |
Percent |
Never wanted children (includes from a young age or it was never an option) |
114 |
38.13 |
Finances (includes current and past financial difficulties) |
91 |
30.43 |
Freedom (personal freedom to live their life as they see fit) |
81 |
27.09 |
Environmental concerns (concerns about the environment kids would be raised in, including climate, political and overarching environment) |
45 |
15.05 |
Don't like kids (freely stated that they do not like kids at all) |
41 |
13.71 |
Childfree Wealth - We asked participants, "What does "Childfree Wealth" mean to you?" In the end, we found that Childfree Wealth means you have the time, money, and freedom to do what you want to do. Here's a sample response:
"A well lived childfree life involves making the world a better place for the children who will come after me. It means enjoying the life I have left to live and having people close to me to enjoy too. It's not feeling beholden to anyone or anything for my happiness and wellbeing, but being able to take care of myself."
In the end, being Childfree did not protect people from income or wealth disparities, but they were still happy.
For a copy of the report, visit https://childfreewealth.com/blog/report-childfree-finances-happy and read the full interviews in the book "Portraits of Childfree Wealth."
Childfree Wealth, LLC is a life and financial planning firm that helps Childfree and Permanently Childless people with their finances and investments. For more information and disclosures, visit https://childfreewealth.com
Contact: Jay Zigmont, Ph.D., CFP®, [email protected], 662.222.1227
SOURCE Childfree Wealth
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