Many Americans have opted out of parenthood, according to data from the United States Census Bureau. As of 2022, 43% of households in America were childless, a 7% uptick from the prior decade. The evolving household dynamics and financial considerations have led to viral TikTok videos offering insights into the lifestyles and spending patterns of “DINKs,” “SINKs” and “DINKWADs.”
These terms have emerged to describe the growing trend of couples and individuals choosing not to have children, either temporarily or permanently, and embracing the freedom that comes with having disposable income without the costs of raising children.
The Terms You Need To Know
The acronym “DINKs” for “Dual Income, No Kids” gained popularity as more couples chose to delay or forgo having children for various reasons like career priorities or personal preferences.
Terms like “SINKs” (Single Income, No Kids) and variations like “SINBADs” (Single Income, No Boyfriend/Assets/Dude) arose to describe the financial situations of single individuals without children.
The addition of “DINKWADs” (Dual Income, No Kids, With A Dog) reflects the trend of childless couples treating their pets like family members, which became more common in recent years.
Acronyms such as “KIPPERs” (Kids in Parents’ Pockets Eroding Retirement Savings) and “PODWOGs” (Parents of DINKs Without Grandchildren) seem to have emerged as a way to describe the situations of adult children still financially dependent on parents, or parents of childless couples.
Impact on Society
There is substantial discourse surrounding the impact of a growing number of childfree individuals and couples on society. On one hand, it could alleviate some of the strain on resources and infrastructure caused by overpopulation. Alternatively, it may also contribute to a declining birth rate, which could have long-term economic and social implications, such as labor shortages and an aging population.
While some may regret not having children, others may find fulfillment in other aspects of life, such as careers, personal pursuits or contributing to society in meaningful ways.
What Is Fueling This Trend?
Half of childless couples in the U.S. don’t ever want kids, a survey by MarketWatch found, while 25% said they plan on having children soon and 23% want them at some point in the future.
The top reasons for not currently having children are financial freedom (33%), the day-to-day flexibility of not having children and being unable to financially support a kid right now (26%).
When asked what financial motivations are behind their current decision to not have children, survey respondents cited the high cost of living (32%), concerns about a recession (22%), being unable to buy a home (18%), high consumer debt (15%) and too much student loan debt (12%).
KIPPERs And PODWOGs
Confronted with scarce job prospects and soaring living expenses, a considerable number of young individuals have found themselves relying on their parents for financial assistance. A study conducted by the Pew Research Center revealed that nearly three-fifths of parents admitted to providing monetary support to their adult offspring, up to the age of 34.
The data further indicated that 57% of young adults reside either with their parents or in their parents’ homes. The economic obstacles posed by exorbitant housing costs, escalating inflation rates and an overall climate of financial uncertainty have rendered independent living a challenge for many young adults.
While 64% of those cohabiting with a parent acknowledged that this living arrangement has had a positive impact on their personal financial situation, parents’ viewpoints regarding the financial implications of sharing a home with their young adult children were mixed.
The Personal Benefits
The decision to have or not have children is a deeply personal choice with significant implications for individuals, couples and society. While the acronyms may seem lighthearted, they represent diverse lifestyles and financial situations that come with their own set of pros and cons.
Without the significant costs of raising children, DINKs, SINKs and DINKWADs have more disposable income to spend on discretionary items, travel and hobbies.
Nearly half (48%) of the MarketWatch survey respondents said they would spend their discretionary income on travel. Childless couples across all generations (Gen-Z, Millennials, Gen-X and Baby Boomers) listed travel as the top expense for their discretionary income, with hobbies (41%) coming in at second and investing and pets (37% each) tying for third.
The costs associated with having children, such as childcare, education, clothing, extracurricular activities and the need for a bigger home and vehicle, are nonexistent, resulting in lower overall living expenses.
With higher disposable income and lower expenses, they can allocate more funds toward savings, investments and retirement accounts, potentially allowing them to achieve financial independence or retire earlier. However, 13% of childless couples don’t anticipate having any discretionary income, according to the report.
Without the time constraints and responsibilities of raising children, DINKs, SINKs and DINKWADs can devote more energy to their careers, which could lead to higher earning potential and career advancement.
However, without children or grandchildren, some may face challenges later in life when securing caregiving support.
Source: Forbes
