• Top factors influencing decisions on whether to have children include financial stability and finding the right partner.
• Nearly nine-in-ten find balancing the emotional and financial demands of parenthood challenging.

The latest BMO Real Financial Progress Index reveals seven-in-ten Gen Z (70%) and Millennials (69%) want to have children but worry doing so would negatively affect their financial security. While 81% of Canadians say being a parent brings joy and fulfillment to their lives, over half (53%) of parents admit having children compromised their financial security.

The BMO survey examines how the financial and emotional challenges related to raising children in the current economic environment are shaping parenting decisions and found:

• Family Defining Decisions: Financial stability (44%) is the top consideration influencing Canadians' decision on whether to have children, followed by finding the right partner (34%), the ability to be fully present for their child(ren) (27%), mental and physical health (24%) and career goals and/or prospects (17%). Over a third (35%) would reconsider their decision not to have children if there was less of a negative effect on their finances.
• Family Size Aspirations: On average, aspiring parents want two children, but that number rises to three if financial constraints are removed.
• Emotional Toll of Parenthood: 89% say balancing the emotional and financial demands of parenthood is challenging and over half (55%) regularly feel overwhelmed by their family's financial responsibilities – a sentiment felt most profoundly among Gen Z (72%) and Millennials (72%).
• Keeping Up with the Jones: Over three quarters (76%) admit there is pressure for parents to keep up with other families by spending more than they should.
• Long-Term Implications: 86% report that everyday childcare costs including daycare, after-school programs, and school supplies, negatively affect their ability to save for long-term goals such as higher education or homeownership.

https://newsroom.bmo.com/2025-08-13-BMO-Survey-Gen-Z-and-Millennials-Face-Challenges-Raising-a-Family-Amid-Rising-Financial-Pressures