When author and historian James Truslow Adams coined the phrase “American Dream” in his best-selling book in 1931, American EpicHe described it as “the dream of a nation where everyone has the opportunity to succeed according to their ability and merit, and where we can live a better, richer and more fulfilling life for all.”
Since then, the American Dream has undergone many transformations, from the post-war 1950s, when the ideal was a nuclear family of a mother, father and at least two children, who owned at least one car and lived in a suburban utopia, to the mass materialism and consumerism of the 1980s, reinforced by Reagan’s economic policies that promoted free market capitalism and tax cuts for the wealthy.
But what does the American Dream mean in 2024?
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Moving the goalposts
For many millennials (born between 1981 and 1996), the ultimate symbol of financial and personal prosperity is being one half of a dual-income, no children (DINK) couple.
That’s according to a new survey, which found that 45% of millennial women aren’t getting married, buying a home, and having children in that order.
this is, Separate Data In 2022, more than half of American households are childless (29% are married households without children, and 28.9% are single-person households without children). By comparison, in 1960, 44% of households consisted of married parents.
Instead, 26% of women in this generation are putting family life on hold so they can focus on their careers and personal finances, and 10% are actively prioritizing saving so they can have children in the future.
This change in attitude is already evident in falling birth rates (U.S. birth rates are expected to fall to their lowest since 1979 by 2023).
The cost of raising children is soaring. It is estimated that it will cost roughly $300,000 to raise a child born in 2023, including housing, food, childcare and education, transportation, medical care, clothing, and other expenses during the child’s growing years. It is not surprising that women, whether married or not, consider financial factors before having children.
Add to that corporate policies that are rolling back flexibility by implementing strict RTO (return to office) obligations, withdrawing paid parental leave, reducing salaries etc, and it is clear that this issue is delicate and not simply about increasing employee pay.
“Social norms have changed dramatically over the past few decades, and millennial women have played a major role in that shift,” said Courtney Alleb, consumer finance advocate at Intuit Credit Karma.
“As a result, women today are not bound by the timelines set by their predecessors and are choosing to prioritize their careers over young motherhood. In some cases, this means postponing family planning until their careers are established, while others may not see having children in their future at all. Either way, both groups are heavily influenced by money and the high costs associated with conceiving and raising a child.
“We are fortunate to see women taking control of their finances and focusing on saving and paying off debt, which will put them in a better position to bring children into the world, if that is the path they choose.”
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Redefining family life
But beyond money, some millennial and Gen Z women are deciding they don’t want to have children, even if they can afford it.
This is the opposite of the #tradwife trend that has taken off on TikTok in recent months, which features stay-at-home moms who raise multiple kids, cook elaborate home-cooked meals from scratch multiple times a day, and, best of all, steer their husbands clear of housework. In reality, more and more Americans are deciding they don’t want kids. Period.
a Pew Research Center survey A 2021 survey found that 44% of non-parents ages 18 to 49 said they are unlikely to have children, up 7 percentage points from 2018.
Additionally, 56% of those who said they were unlikely to have children said the main reason was because they simply didn’t want to have children, compared with only 17% who said it was for financial reasons.
If you’re looking to earn more or find a job with more flexibility, browse The Hill Job Board today.
