‘Nothing Will Make You Happier’ — Elon Musk Says Financial Fear Around Having Kids is ‘Unjustified,’ Thinks Children Improve Quality of Life

Young Americans shouldn’t let financial fears stop them from having children, according to Tesla Inc. (NASDAQ:TSLA) Chief Executive Elon Musk.

Discussing declining fertility rates in the developed world on British rapper Zuby’s “Real Talk with Zuby” podcast in June 2023, Musk said modern society’s incentive structure discourages having children. He also said fears that having kids will hurt finances are unfounded.

“I think that the fears, these unjustified fears of like if I have a kid, things are going to be financially terrible, it’s actually not true,” Musk said.

A study published in September by the U.S. Census Bureau found that young adults are delaying having children as living costs rise and many prioritize financial security before starting a family. Data from financial technology company SmartAsset showed that the average annual cost of raising a child under five increased to $27,700 last year, up 4.5% from 2024.

‘Programmed For That’

Musk said it is ironic that people who earn more often have fewer children, showing an inverse relationship between wealth and having kids. He acknowledged that raising children can become financially “difficult” when parents aim to give them the best education and opportunities.

Musk said humans are evolved to reproduce and raise children, and no amount of planning can fully prepare someone for having offspring.

“We’re kind of like programmed for that,” he told Zuby. “If it wasn’t rewarding instinctively to have kids, we wouldn’t have them. You kind of have to instinctively love having kids, you can’t read about it.”

‘Really Expect’ That Having Kids Will Improve Life

Musk said falling birth rates could threaten civilization by pushing populations into what he described as a “negative death spiral,” leading to societal and economic collapse. He said having kids “absolutely” makes people happier because humans are naturally programmed to have children and raise them. Being a father is one of the things that motivates him to work, he said.

“Nothing will make you happier than having kids,” Musk said on the podcast. “People should really expect that if they have kids, they will improve their quality of life, not make it worse.”