Money Problems Are Holding Back Young People In Suffolk From Starting Families

Published 9:58 am Tuesday, October 8, 2024

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The primary barrier preventing young people under 35 in Suffolk from becoming parents is still financial hardship. Like in other parts of the nation, growing living expenses, high childcare bills, and stagnating salaries are making young people put off starting families more and more.

Recent polls indicate that the biggest barrier preventing people from becoming parents sooner is money. The primary reason given by more than half of those surveyed for delaying or even contemplating having children was a lack of money. Young people in Suffolk confront issues including growing housing costs and high childcare costs, which make establishing a family less practical, in line with national trends.

The high expense of living in Suffolk is a major factor influencing family planning. Many young folks claim that being a parent is an unattainable dream due to the expense of having a kid and the current state of the economy. Furthermore, Suffolk’s housing costs are also rising, making it difficult for many young couples to find secure, family-friendly residences.

Local and National Family Support

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Even though the family support system in the United States is not as strong as it is in certain European nations, state and federal programs are in place to assist new and growing families. While some financial help is offered by federal programs like the Child Tax Credit and paid family leave laws, these measures sometimes fall short of fully compensating for the real expenses of having children.

In comparison, the United States lacks clear financial incentives for having children, whereas European nations like Finland and France provide significantly more substantial assistance systems. However, in response to the increased awareness of the financial challenges faced by young families, a few local firms and organizations in Suffolk are starting to provide help in the form of subsidized daycare and family planning services.

In the absence of more robust financial assistance, Suffolk’s trend of postponing motherhood is expected to persist, as rising financial barriers prevent young individuals from establishing children.

Reproductive solutions

Fertility preservation methods like egg and sperm freezing are becoming more and more popular among individuals thinking about nontraditional routes to parenting, but the expenses are still significant. Many young individuals might be willing to use these services to prolong their reproductive window if they were more reasonably priced.

One common cause of difficulty conceiving is polycystic ovary syndrome (PCOS), which affects up to 10% of women of childbearing age. For many young American women, the condition can be an additional barrier to motherhood. There are PCOS supplements that can help normalize hormonal balance and improve the chances of successful conception.

Boosting fertility in Europe

Europe is already facing the problem of declining fertility and an ageing population, which threatens the sustainability of social systems. The average fertility rate in the EU is 1.46 children per woman, which is significantly lower than the required level of 2.1 children to stabilize the population.

To address this problem, European countries along with the USA are introducing various support programs. Many parent-focused support programs exist in the United States, although they are often less substantial than those found in many European nations. The Child Tax Credit is available to qualifying families and offers up to $2,000 per child under the age of 17. For low-income households, a portion of the credit is refundable. Depending on their income and family size, working parents might get additional financial assistance through the Earned Income Tax Credit.

Additionally, some states provide Temporary Assistance for Needy Families, which helps low-income families pay for necessary living expenditures, such as those associated with raising children, by giving them monthly cash assistance. Many advocate for more family support measures because, although these programs provide some assistance, they frequently fall short of covering the high expenses associated with raising children in the United States.

Finland, for example, is known for its generous family support programs. Until 2022, the municipality of Lestijärvi offered families €10,000 for each newborn in an attempt to increase the birth rate.

Hungary also actively supports young families. Here you can take out a loan of up to 30,000 euros, which is cancelled if the family has three children. Women with four children are completely exempt from income tax.

France invests about 4% of GDP in family policy. Families with three children receive up to 594 euros per month, plus additional assistance for childcare. As a result, France remains the leader in birth rates in Europe: there are an average of 1.83 children per woman.

Thus, family support and birth rate stimulation measures are becoming an important part of the social policy of many countries seeking to cope with demographic challenges.