The videos on TikTok show beautiful, young couples parading in front of blue seas – armed with designer purses and endless glasses of champagne.
Welcome to the world of the DINK – that’s double income, no kids. In recent months, the term has been plastered on social media as childless couples extol the virtues of their lifestyle.
But does it really pay not to have kids?
Experts warn the decision isn’t that easy — and couples who choose to give up parenthood could bear the brunt in the long run as they miss out on key benefits like child tax credits and, crucially, care later in life.
Personal finance expert Roger Gewolb told Dailymail.com: “Of course there is an immediate financial benefit to not having children. But over time, it’s important to think about caring for later in life and who will take care of you when you’re older.
“It would be interesting to see what these DINKs think of their decision in 10 to 12 years.”
Hilary Bowles, left, has also gained a cult following for documenting her lifestyle as a ‘DINK’
Dating back to 1987, the term “DINK” was first coined by the Los Angeles Times when researchers noticed that stagnant incomes were deterring prospective parents from starting a family.
But it’s resurged on social media amid red-hot inflation and high childcare costs. The term ”#DINK’ has now been viewed 205 million times on TikTok.
One of the influencers proclaiming the values of a child-free lifestyle is Hilary Bowles.
Bowles shared a video of herself and her partner vacationing in Bora Bora, with the caption, “In our era of being married, traveling the world, pre-kids, double income.”
In another, she posted a clip of herself opening a Chanel shopping bag in front of the Eiffel Tower in Paris — followed by a montage of her enjoying luxury vacations on boats, beaches and safari parks with her husband.
She captioned the video sarcastically, “You’re 30, you should have kids.”
Last year, financial management website Mint Intuit found that the cost of raising a child had risen to $292,017 — hooked by Department of Agriculture figures.
The estimate was based on a family of four with an average income and excludes study costs.
The study found that 29 percent of that money came from a larger home. For a married couple with two children and a pre-tax income of $104,127, this would mean $84,685 over 17 years.
The second-highest expense was food, which accounted for 18 percent — or $52,263 — of the family budget.
Last year it was revealed that the cost of raising a child had risen to $292,017 – hooked on Department of Agriculture figures
Dr. Roger Gewolb told Dailymail.com that childless couples pay more for social care later in life
Meanwhile, childcare and education costs parents an average of about $46,723 and transportation costs $43,802, according to the data.
Care, clothing and various costs were also accounted for.
The exact cost of having a child in the coming years is difficult to pin down due to increased economic uncertainty and volatile inflation – which peaked at 9.1 percent in June 2022, but is now hovering at a more stable 4.9 percent.
It is therefore no wonder that birth rates have plummeted. In 2020 – as the world was gripped by the coronavirus pandemic – only 3.4 million babies were born in the US, down four percent from the previous year.
It was the lowest number of children born since 1979. Since then, birth rates have risen slightly, rising by 0.9 percent in 2021 and again at the same number in 2022.
A 2021 Pew Research Center survey found that 44 percent of non-parents ages 18 to 49 said they were not at all or not too likely to ever have children — an increase of 7 percent since 2018.
Couples cited financial concerns as reasons for delaying the decision.
But chartered financial advisor Bill Ryze points out that couples often fail to consider the government support that comes with having children.
“Currently, the child tax credit is a maximum of $2,000 per year for a child under 17,” Ryze said.
“So while raising a child is expensive, at least you’re eligible for a refund. Without children you get less tax back than with children.’
IRS figures show that the average American family receives $3,600 a year for each child under the age of six and $3,000 for children ages 6-17.
Ryze added that people without kids may not be as focused on taking care of their finances.
Newlywed Kate Anderton shares clips of her ‘DINK’ lifestyle on TikTok. She recently documented a trip to Costco where the couple spent $252 on treats
Since couples can save nearly $500,000 by refusing to have two children, Ryze cautioned that it was “careful” that they find a suitable investment for this money to save them in retirement.
“Most parents are driven by the desire to provide their children with a desirable life and worry about how much legacy they will leave to their children.
“So sometimes if you don’t have kids, you might have less pressure on savings and investments because inheritance isn’t a priority.”
On the other hand, he notes, childless households are better able to weather economic uncertainty because it’s easier for them to downsize their homes or move away from expensive areas — without worrying about school locations.
But the biggest sticking point comes in the form of social care reimbursements for the elderly.
Parents can often count on their children to care for them later in life and help if they need extra care for conditions such as dementia.
Those without children are at risk of having to move to a nursing home for support as they get older.
The average cost of a nursing home in the US is now $2,432 per month, according to data from SeniorHomes. Just five years of residential care for one person would therefore cost $145,920.
It means that those who choose to forgo children should plan carefully to ensure they have enough money to meet these costs.
Dr. Gewolb said, “Ultimately, having children is an emotional decision, not a financial one.
“And it’s important to know that couples can always change their mind — they can enjoy the DINK lifestyle while they’re young and then they can always consider having kids later.”