People are having fewer kids. Their choice is transforming the world's economy

"Worldwide, the number of children born to the average family has dropped by more than half since the 1970s, according to the latest United Nations data. Economists say having fewer children is the norm for many families, especially in relatively prosperous countries like the U.S. The trend is leading to populations that are dramatically older, and beginning to shrink, in many of the world's biggest economies."

""This demographic issue is poised to potentially remake so much of our society," said Melissa Kearney, an economist at the University of Notre Dame. Experts say a rapidly aging and gradually shrinking population in the world's wealthiest countries could force sweeping changes in people's lives, causing many to work longer before retirement, making it harder for business owners to find employees and destabilizing eldercare and health insurance programs."

Families in the U.S. and globally are choosing to have fewer children, with many parents opting for a single child. Economic pressures and lifestyle choices make larger families less feasible for many households. Since the 1970s the average number of children per family has fallen by more than half, especially in relatively prosperous countries. Falling fertility rates are producing dramatically older populations and population shrinkage in major economies. An aging and smaller workforce could force people to work longer, create labor shortages for businesses, and destabilize eldercare and health insurance financing.

Read at www.npr.org