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Millennial are having more babies and reversing a major trend, as reported by Forbes, now that the economy has begun to improve.
In case you didn't know, a millennial is any person who reached young adulthood around the year 2000.
A new report from Goldman Sachs says that about 90 percent of all new mothers in 2014 were millennials, a significant increase over a decade ago in which only 50 percent of all new mothers were in that age range.
Millennials having children is a big reversal, according to Forbes. Not only were they putting off having kids, but in many cases, they weren't having kids at all.
As Business Insider reported, "Birth rates for 20-something American women dropped more than 15 percent from 2007-2012 … millennials in their 20s gave birth to fewer than one child per woman, which means their families could wind up smaller than Gen Xers." But thanks to an improving economy, millennials can afford to have more children.
So what does this mean for these younger mothers? Lots of money! Data from the United States Department of Agriculture says it costs approximately $245,340 to raise a child born in 2013 "for food, housing, childcare and education, and other child-rearing expenses up to age 18." These figures do not include the cost of education.
The Forbes article suggests that millennial parents look to their owns mothers and fathers to help with childcare, and that grandma and grandpa engage their children in conversations about saving money for their own kids, especially for college.