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Adults in their prime childbearing years are having fewer children than previous generations, with the U.S. fertility rate hitting a record low in 2023. While individual reasons for not having children vary, the rising cost of living is a significant factor for younger generations.According to a new report from the Pew Research Center, people under 50 without children are three times more likely than older childless individuals—36% compared to 12%—to cite financial constraints as the reason they can’t afford to have kids. Since 2018, the percentage of young U.S. adults who say they are unlikely to ever have children has risen from 37% to 47% in 2023.Despite the financial concerns, the primary reason given by those under 50 for not having children is simply not wanting them. Pew surveyed 2,542 adults aged 50 and older without children and 770 adults aged 18 to 49 who do not or do not plan to have children.While young people may still change their minds, Pew’s research underscores a significant issue for younger generations today. Despite potentially earning higher salaries than their parents, they face much higher costs for housing, childcare, and healthcare, prompting many to reconsider having children. In fact, a majority of both older and younger adults reported that not having children made it easier to afford their lifestyle and save for the future, according to Pew’s report.Even high earners, not yet rich (HENRYs), are feeling financial pressure, despite being among the most financially comfortable in the country. Student loans are a major obstacle, as previously reported by Fortune.“When I think of starting a family, I have hesitation to even wanting to do that with student loans still on the table,” said one 29-year-old earning $125,000. “Starting to save for your kids’ student loans while still paying your own off, that’s something I don’t want to do.”