Q+A: How does the childfree DINK lifestyle compare to the finances of starting a family?

A growing number of working couples are opting not to have children, and instead are investing their money in themselves. These dual-income no-kid couples –commonly referred to as DINKs — are saving hundreds of thousands of dollars by not having a child, which opens up a world of freedom. As birth rates around the world drop, it’s no surprise that their numbers are rising: There were 1.9 million DINK households in Canada as of 2021, up from 1.7 million in 2012.Child-free couples have more flexibility in how they shape their lives because they’re not paying and saving for all sorts of kid-related expenses. It may not be as important to them to own a home near a good daycare or school. They can be riskier with their careers, decide to power-save for retirement and choose not to buy life insurance. But there’s also unique hurdles that DINKs face, such as how to prepare for old age without any support from adult kids, or navigate a legal system that often assumes your children will handle your estate.