0 00:00:02,560 --> 00:00:04,400 Do you want to have kids? 1 00:00:04,400 --> 00:00:09,480 If so, when and how many? It’s a big decision 2 00:00:09,480 --> 00:00:13,520 They may be small bundles of joy, but they can cost a fortune 3 00:00:17,040 --> 00:00:20,760 As people weigh up the pros and cons of procreating... 4 00:00:20,760 --> 00:00:25,000 ...fewer children are being born, especially in the rich world 5 00:00:25,000 --> 00:00:29,680 And in the long-term, this can mean fewer young workers to support the elderly 6 00:00:29,680 --> 00:00:32,280 So is it worth having kids? 7 00:00:42,800 --> 00:00:45,320 I went back and forth a lot in the beginning 8 00:00:46,840 --> 00:00:48,720 A lot of thought that went into... 9 00:00:48,720 --> 00:00:51,320 ...weighing the options of both having kids and not having kids 10 00:00:52,160 --> 00:00:54,480 Jessica and her husband, Andrey... 11 00:00:54,480 --> 00:00:59,640 ...live in Houston, Texas, with their two-year-old son, Michael 12 00:01:02,120 --> 00:01:11,400 The day he was born I was overcome with a lot of emotion, happiness, just joy... 13 00:01:11,400 --> 00:01:13,200 ...it’s crazy 14 00:01:15,480 --> 00:01:18,200 So having children makes people happy, right? 15 00:01:18,880 --> 00:01:20,840 In the short-term, yes... 16 00:01:20,840 --> 00:01:24,440 ...but in the long-term, not necessarily 17 00:01:24,440 --> 00:01:26,200 According to academics... 18 00:01:26,200 --> 00:01:30,680 ...it’s likely Jessica was experiencing what’s known as a happiness bump 19 00:01:31,880 --> 00:01:36,120 Mothers’ happiness levels rise in the years leading up to giving birth... 20 00:01:36,800 --> 00:01:38,600 ...but that’s where they peak 21 00:01:38,600 --> 00:01:43,280 And within a few years, return to the level they were before the kid was born 22 00:01:45,160 --> 00:01:49,120 We’ve been studying men and women in couples with and without children... 23 00:01:49,120 --> 00:01:53,040 ...and we see that their levels of happiness and life satisfaction... 24 00:01:53,040 --> 00:01:55,160 ...mental health and loneliness are quite similar 25 00:01:55,160 --> 00:01:58,880 That’s quite consistent across a lot of different countries 26 00:02:01,280 --> 00:02:05,760 Some factors do affect people’s happiness, such as their income... 27 00:02:05,760 --> 00:02:08,800 ...and whether they are single parents 28 00:02:08,800 --> 00:02:10,400 Parents and countries with stronger... 29 00:02:10,400 --> 00:02:14,320 ...welfare systems also report higher levels of happiness 30 00:02:14,760 --> 00:02:17,040 But all in all, there isn’t much difference... 31 00:02:17,040 --> 00:02:21,640 ...between the life satisfaction of parents and people without kids 32 00:02:22,880 --> 00:02:24,880 While there might be moments during the day... 33 00:02:24,880 --> 00:02:26,720 ...that are filled with happiness... 34 00:02:26,720 --> 00:02:30,320 ...the more typical experience is that being together with your children... 35 00:02:30,320 --> 00:02:31,840 ...can be quite stressful 36 00:02:31,840 --> 00:02:35,160 It also takes up much of your time and energy 37 00:02:35,160 --> 00:02:36,840 It brings with it a lot of worries 38 00:02:37,240 --> 00:02:39,720 Let’s do downward facing dog together, ready? 39 00:02:40,760 --> 00:02:43,640 I thought motherhood would be, you know... 40 00:02:43,640 --> 00:02:45,320 ...you see all the stuff in the movies... 41 00:02:45,320 --> 00:02:47,760 ...I really thought that it would be this beautiful time... 42 00:02:47,760 --> 00:02:50,680 ...where you’d have a great relationship with your kid... 43 00:02:51,840 --> 00:02:54,680 ...but also, you know, a little bit of hard work, too, that... 44 00:02:54,680 --> 00:02:58,120 ...I don’t think I understood before we decided to have Michael 45 00:02:59,200 --> 00:03:03,360 About 80% of parents in America say parenting is enjoyable... 46 00:03:03,920 --> 00:03:09,080 ...but almost 30% also admit it’s stressful, all or most of the time 47 00:03:12,520 --> 00:03:15,640 If children won’t make you happy, why have them? 48 00:03:16,720 --> 00:03:19,920 For most of history, people had lots of children... 49 00:03:19,920 --> 00:03:23,760 ...which made financial sense because kids could work in the fields... 50 00:03:23,760 --> 00:03:25,960 ...and look after their parents in old age 51 00:03:28,280 --> 00:03:30,440 But as societies have grown richer... 52 00:03:30,440 --> 00:03:32,520 ...there has been a reduction in procreation 53 00:03:33,480 --> 00:03:36,720 We’ve seen a change in why people have children... 54 00:03:36,720 --> 00:03:39,560 ...and the economic incentives to having children 55 00:03:39,560 --> 00:03:41,240 So as we have more countries offering... 56 00:03:41,240 --> 00:03:43,920 ...pensions, older adults are less reliant... 57 00:03:43,920 --> 00:03:47,640 ...on their adult children to provide for them in their older years 58 00:03:47,640 --> 00:03:49,600 And at the same time, we see more women... 59 00:03:49,600 --> 00:03:52,560 ...getting higher levels of education, being employed 60 00:03:52,960 --> 00:03:56,080 We also see a change in attitudes 61 00:03:56,080 --> 00:03:59,840 A move towards secularisation, so less importance of religion 62 00:03:59,840 --> 00:04:03,240 A rise in feminism, a rise in women’s rights... 63 00:04:03,240 --> 00:04:04,920 ...and childhood extends... 64 00:04:04,920 --> 00:04:06,960 ...because we need to educate our children longer... 65 00:04:06,960 --> 00:04:09,800 ...so the costs of raising children go up 66 00:04:10,720 --> 00:04:12,680 And kids can be costly 67 00:04:13,320 --> 00:04:15,800 The costs start even before birth 68 00:04:15,800 --> 00:04:19,360 Fertility treatment for those who need it is expensive 69 00:04:20,280 --> 00:04:25,400 And in some countries, giving birth in a hospital can cost thousands of dollars 70 00:04:25,400 --> 00:04:31,920 Then there’s food, clothes, nappies, toys, baby carriers and prams 71 00:04:33,560 --> 00:04:37,240 The Economist has calculated that a typical American family... 72 00:04:37,240 --> 00:04:43,480 ...can expect to spend almost $300,000 raising a child to the age of 17 73 00:04:44,440 --> 00:04:49,520 Factor in college tuition and it rises to over $400,000 74 00:04:50,080 --> 00:04:52,360 For Jessica and Andrey in Houston... 75 00:04:52,360 --> 00:04:55,200 ...those costs are about to go up even more... 76 00:04:55,200 --> 00:04:57,720 ...they’re expecting their second child 77 00:05:02,440 --> 00:05:04,240 Oh, no, let’s not touch that 78 00:05:04,240 --> 00:05:06,040 The financial implications are big 79 00:05:06,040 --> 00:05:07,720 Children are expensive 80 00:05:10,200 --> 00:05:12,880 I mean, there is less stuff to buy... 81 00:05:12,880 --> 00:05:15,480 ...you know, just because we already have... 82 00:05:15,480 --> 00:05:18,440 ...you know, a car seat and all that stuff from Michael 83 00:05:19,080 --> 00:05:24,200 We are saving for education and all that stuff for two kids instead of one 84 00:05:25,200 --> 00:05:28,160 The strain on Jessica’s and Andrey’s budget... 85 00:05:28,160 --> 00:05:32,280 ...is not helped by the fact America is the only rich country... 86 00:05:32,280 --> 00:05:36,160 ...that doesn’t have nationwide statutory paid parental leave 87 00:05:37,080 --> 00:05:41,760 Instead, federal policy is just 12 weeks of unpaid leave... 88 00:05:41,760 --> 00:05:43,960 ...but there are so many restrictions 89 00:05:43,960 --> 00:05:47,360 Only 56% of workers are eligible... 90 00:05:47,360 --> 00:05:51,880 ...and many feel they can’t afford to sacrifice their salary for this long 91 00:05:51,880 --> 00:05:54,120 At the time when Michael was born... 92 00:05:54,120 --> 00:05:56,720 ...I was the primary breadwinner for our family 93 00:05:56,720 --> 00:05:59,000 I did not get paid maternity leave 94 00:05:59,000 --> 00:06:02,400 That definitely played a role in terms of deciding... 95 00:06:02,400 --> 00:06:04,600 ...how long of a maternity leave to take 96 00:06:04,840 --> 00:06:08,960 Then after two months, I went back to work full-time 97 00:06:09,920 --> 00:06:13,160 It was definitely hard leaving Michael after two months... 98 00:06:13,160 --> 00:06:15,760 ...just because that’s around the time when kids... 99 00:06:15,760 --> 00:06:18,320 ...start to become a little bit more interactive 100 00:06:18,320 --> 00:06:19,760 Babies start to smile... 101 00:06:19,760 --> 00:06:22,880 ...so I almost felt like I was missing out on something... 102 00:06:22,880 --> 00:06:24,760 ...by going back to work so soon 103 00:06:26,360 --> 00:06:30,440 Statutory parental leave in rich countries varies greatly 104 00:06:31,320 --> 00:06:36,360 In Japan, parents are given about a year of paid parental leave each... 105 00:06:36,360 --> 00:06:38,640 ...of which half is paid at about... 106 00:06:38,640 --> 00:06:40,680 ...two-thirds of their normal salary 107 00:06:41,720 --> 00:06:47,280 In Finland, parents are given about 14 months of paid leave to share 108 00:06:48,320 --> 00:06:54,960 They’re also entitled to take further child-care leave up until their child is three 109 00:06:55,760 --> 00:06:59,200 In Britain, a mother’s job is guaranteed for a year... 110 00:06:59,200 --> 00:07:02,880 ...but only six weeks are paid at almost full salary 111 00:07:02,880 --> 00:07:07,360 A further 33 weeks are paid, but at a much lower level 112 00:07:08,560 --> 00:07:13,320 It means Britain has one of the least generous leave policies in Europe... 113 00:07:13,320 --> 00:07:17,520 ...which can make it harder for some Brits to balance their budgets 114 00:07:17,520 --> 00:07:20,240 What do you like mixing into pancakes? 115 00:07:20,240 --> 00:07:22,840 Chocolate eggs 116 00:07:23,160 --> 00:07:26,440 Faye lives in the south of England with her husband Matt... 117 00:07:26,440 --> 00:07:29,080 ...and their three-year-old daughter Eloise 118 00:07:29,360 --> 00:07:31,720 Ready, last one. Do you want to do it with me? 119 00:07:35,680 --> 00:07:37,960 I took 12 months maternity leave... 120 00:07:37,960 --> 00:07:42,600 ...so the last three months of maternity leave were unpaid, unfortunately... 121 00:07:42,600 --> 00:07:43,920 ...but it was something that we sat down... 122 00:07:43,920 --> 00:07:46,800 ...and worked out that we could achieve financially... 123 00:07:46,800 --> 00:07:49,360 ...with my husband doing extra overtime 124 00:07:49,880 --> 00:07:52,040 Even before those final three months... 125 00:07:52,040 --> 00:07:54,680 ...there isn’t a huge amount of pay for maternity leave 126 00:07:55,040 --> 00:07:58,160 We just had to be financially very conscious of what we were spending 127 00:08:00,120 --> 00:08:02,880 Yeah you can still find all the edge bits first can’t you? 128 00:08:02,880 --> 00:08:06,200 And those challenges don’t end when the parent goes back to work 129 00:08:07,600 --> 00:08:11,640 When we were looking at our finances, we didn’t really factor in nursery costs 130 00:08:11,960 --> 00:08:14,720 When we then looked at child-care costs, it was huge 131 00:08:15,040 --> 00:08:18,080 Some months she was going two days a week and some months... 132 00:08:18,080 --> 00:08:19,640 ...it was more than our mortgage 133 00:08:19,640 --> 00:08:22,600 The costs are sometimes crippling 134 00:08:23,800 --> 00:08:26,200 In six OECD countries... 135 00:08:26,200 --> 00:08:32,000 ...couples earning the average wage spend over 20% of their salaries on child-care 136 00:08:34,600 --> 00:08:39,040 Britain has the joint second-most-expensive child-care in the world 137 00:08:41,720 --> 00:08:44,200 We have thought about having another child... 138 00:08:44,200 --> 00:08:47,720 ...unfortunately, the cost side of things does have a big impact 139 00:08:48,200 --> 00:08:53,240 I could give up work, but I don’t want to rely on benefits or income support 140 00:08:53,560 --> 00:08:55,800 We want to be self-sufficient 141 00:08:55,800 --> 00:08:58,880 If that means not having another child... 142 00:08:58,880 --> 00:09:00,720 ...because of the financial implications... 143 00:09:00,720 --> 00:09:02,960 ...it’s upsetting because we would love to have another one 144 00:09:04,480 --> 00:09:06,160 It’s not just in Britain 145 00:09:06,720 --> 00:09:09,280 A survey of young American adults... 146 00:09:09,280 --> 00:09:12,400 ...found that of those who said they have, or expect to have... 147 00:09:12,400 --> 00:09:14,440 ...fewer children than they’d like... 148 00:09:14,440 --> 00:09:18,880 ...64% cited childcare costs as a reason 149 00:09:19,920 --> 00:09:22,480 Hi, I’m Anna and I directed this film 150 00:09:22,480 --> 00:09:25,160 If you’re enjoying watching it, you might be interested to know... 151 00:09:25,160 --> 00:09:29,440 ...that Economist subscribers get access to a wealth of global analysis... 152 00:09:29,440 --> 00:09:31,800 ...on every conceivable topic 153 00:09:31,800 --> 00:09:36,560 You can read it, you can listen to it, you can even be part of it at live webinars 154 00:09:36,560 --> 00:09:39,520 For the best deal on a subscription, click on the link 155 00:09:39,520 --> 00:09:40,880 And now on with the film 156 00:09:42,680 --> 00:09:44,800 It’s not just the direct costs 157 00:09:44,800 --> 00:09:48,480 Having kids can also affect how much mothers earn 158 00:09:49,160 --> 00:09:53,800 Most parents experience a loss in take-home pay when they take parental leave 159 00:09:53,800 --> 00:09:59,120 Men in heterosexual relationships experience a very small, short-term dip... 160 00:09:59,120 --> 00:10:03,400 ...but for women, the dip is much bigger and their earnings rarely recover 161 00:10:03,760 --> 00:10:06,440 This is known as the motherhood penalty 162 00:10:10,920 --> 00:10:15,320 Joeli Brearley is the founder of the British charity, Pregnant Then Screwed 163 00:10:16,120 --> 00:10:20,800 The motherhood penalty is the pay differential between mothers... 164 00:10:20,800 --> 00:10:23,480 ...and other types of employees 165 00:10:23,480 --> 00:10:27,080 It’s essentially a procreation pay gap 166 00:10:27,080 --> 00:10:33,200 When you have a baby, the way that our parental-leave system functions... 167 00:10:33,200 --> 00:10:37,120 ...it encourages women to take long periods of time out of the workforce 168 00:10:37,120 --> 00:10:39,920 It doesn’t encourage men to do the same 169 00:10:40,920 --> 00:10:45,720 In most heterosexual couples, the father will earn the most money 170 00:10:46,200 --> 00:10:51,160 So when women look to return to work, they look at the cost of child-care... 171 00:10:51,160 --> 00:10:53,400 ...and they compare it to their own salary... 172 00:10:53,400 --> 00:10:55,720 ...and in most cases it doesn’t add up 173 00:10:55,720 --> 00:10:58,720 They then start to make career sacrifices 174 00:10:58,720 --> 00:11:02,040 They look to return part-time, if at all... 175 00:11:02,040 --> 00:11:05,160 ...or they change jobs to something that’s more suitable... 176 00:11:05,160 --> 00:11:10,520 ...so that they can continue to do the lion’s share of the caring and the unpaid labour 177 00:11:10,520 --> 00:11:16,840 And so all of this starts to hack away at their income and their career progression 178 00:11:17,520 --> 00:11:21,960 In Britain, mothers are three times more likely to work part-time than fathers 179 00:11:22,400 --> 00:11:25,480 Following the pandemic, the shift to remote working... 180 00:11:25,480 --> 00:11:29,160 ...has made it easier for some parents to work more flexibly 181 00:11:29,160 --> 00:11:31,320 But not all jobs allow this 182 00:11:31,320 --> 00:11:37,240 My work are very flexible, but it’s a juggle and at times just trying to work out... 183 00:11:37,680 --> 00:11:40,840 ...my working pattern to be able to make it worthwhile... 184 00:11:40,840 --> 00:11:44,120 ...me actually working and financially contributing to the house 185 00:11:44,560 --> 00:11:47,160 I work office hours and my husband does shift work 186 00:11:47,960 --> 00:11:50,560 I’m only three hours off full-time, so legally... 187 00:11:50,560 --> 00:11:52,680 ...and technically I am a part-time worker 188 00:11:52,680 --> 00:11:54,720 It’s the most amount I can work that... 189 00:11:54,720 --> 00:11:57,000 ...I then don’t have to spend all of it on child-care 190 00:12:02,560 --> 00:12:04,880 Motherhood penalties vary across the world 191 00:12:05,520 --> 00:12:09,000 One study looks at motherhood penalties in six rich countries 192 00:12:09,560 --> 00:12:14,040 It finds that Germany, a country where a lot of women work part-time... 193 00:12:14,040 --> 00:12:18,800 ...had the worst penalty, with a 61% drop in long-run earnings... 194 00:12:18,800 --> 00:12:23,280 ...while Denmark and Sweden had the smallest but still sizeable penalties 195 00:12:24,200 --> 00:12:26,480 That’s partly because Scandinavian countries... 196 00:12:26,480 --> 00:12:29,520 ...have longer and better paid paternity leave 197 00:12:31,400 --> 00:12:34,400 We’ve seen as a result of that in Sweden... 198 00:12:34,400 --> 00:12:39,160 ...that many more dads are taking time out of the workplace to care for their children 199 00:12:39,800 --> 00:12:44,440 And as a result of that, we’ve seen that the gender pay gap is much smaller... 200 00:12:44,440 --> 00:12:48,120 ...the share of the unpaid labour is far more equal 201 00:12:49,120 --> 00:12:54,320 Over the last 50 or 60 years, we’ve seen big changes in gender dynamics... 202 00:12:54,320 --> 00:12:58,080 ...and in countries where we’ve seen that men have become more equal partners... 203 00:12:58,080 --> 00:12:59,880 ...with women in raising kids 204 00:12:59,880 --> 00:13:04,160 We see that fertility rates are actually higher than in similar countries... 205 00:13:04,160 --> 00:13:09,440 ...where men aren’t contributing as much to child-rearing and housework 206 00:13:11,200 --> 00:13:12,880 Take Japan... 207 00:13:13,920 --> 00:13:17,480 ...where women spend far more time on household chores and child-care... 208 00:13:17,480 --> 00:13:21,280 ...than men do, making it much harder for women to have a career... 209 00:13:21,280 --> 00:13:25,840 ...and raise children despite having some of the most generous maternity... 210 00:13:25,840 --> 00:13:28,160 ...and paternity leave on the planet 211 00:13:28,800 --> 00:13:33,920 Which might explain why Japan has one of the lowest fertility rates in the world 212 00:13:34,560 --> 00:13:37,280 In nearly all rich industrialised countries... 213 00:13:37,280 --> 00:13:41,640 ...fertility rates have fallen below 2.1 children per woman... 214 00:13:41,640 --> 00:13:44,440 ...the rate needed to maintain a stable population 215 00:13:46,520 --> 00:13:49,760 And on a macroeconomic level, that can cause problems 216 00:13:50,840 --> 00:13:52,920 So if fertility falls low enough... 217 00:13:52,920 --> 00:13:57,160 ...then there are potentially not enough workers in the next generation... 218 00:13:57,160 --> 00:13:59,840 ...in the long-term, it means a change in the labour force 219 00:13:59,840 --> 00:14:01,680 How many workers are available 220 00:14:01,680 --> 00:14:05,280 How much money those workers are paying into pension programmes 221 00:14:05,280 --> 00:14:06,640 Into taxes? 222 00:14:06,640 --> 00:14:10,240 Most industrialised countries are pretty far from that level... 223 00:14:10,240 --> 00:14:14,200 ...although there are few that have seen really dramatic reductions in fertility 224 00:14:14,800 --> 00:14:17,840 More open immigration policies could help... 225 00:14:17,840 --> 00:14:21,080 ...but few countries seem willing to consider them 226 00:14:21,800 --> 00:14:25,240 So if falling birth rates can cause economic disruption... 227 00:14:25,240 --> 00:14:27,160 ...should governments intervene? 228 00:14:27,800 --> 00:14:31,480 We want to be careful that governments aren’t doing things that are coercive... 229 00:14:31,480 --> 00:14:36,720 ...or that unduly restrict people’s freedom to have the kind of families... 230 00:14:36,720 --> 00:14:39,040 ...and the number of children that they want 231 00:14:39,040 --> 00:14:43,400 But there is a role for government, for supporting families with children... 232 00:14:43,400 --> 00:14:46,720 ...and in many countries, there is certainly a lot more room... 233 00:14:46,720 --> 00:14:49,440 ...for investment from the public sector 234 00:14:50,280 --> 00:14:54,040 But it’s not just about the economics, although that’s part of it 235 00:14:54,040 --> 00:14:57,280 But it’s also about cultural ideals 236 00:14:57,280 --> 00:14:59,560 It’s about the influence of religion 237 00:14:59,560 --> 00:15:04,800 It’s about the compatibility of motherhood and careers... 238 00:15:04,800 --> 00:15:06,640 ...and it’s about gender dynamics 239 00:15:08,600 --> 00:15:11,320 Choosing to have children is a big decision... 240 00:15:11,320 --> 00:15:15,800 ...governed by deep emotions as well as practicalities 241 00:15:15,800 --> 00:15:20,960 More generous parental leave, cheaper child-care and flexibility at work... 242 00:15:20,960 --> 00:15:23,960 ...might make the decision a bit easier 243 00:15:23,960 --> 00:15:27,000 But despite the challenges of parenthood... 244 00:15:27,000 --> 00:15:30,800 ...those who do choose to have babies rarely regret it 245 00:15:31,400 --> 00:15:34,040 Being a mom has come with its own struggles... 246 00:15:34,040 --> 00:15:37,440 ...and redefining your own image to yourself 247 00:15:37,440 --> 00:15:40,880 But yeah, at the end of the day... 248 00:15:40,880 --> 00:15:45,040 ...life is just fuller with a new person in your family 249 00:15:45,280 --> 00:15:47,600 It’s the hardest thing you ever do becoming a parent... 250 00:15:47,600 --> 00:15:49,200 ...but it’s the most rewarding 251 00:15:49,200 --> 00:15:51,080 I’ve never experienced... 252 00:15:51,080 --> 00:15:56,440 ...such extreme levels of joy and happiness and elation and pride... 253 00:15:56,440 --> 00:15:58,440 ...as I have since I’ve had children