Veronica Ochoa and Jamie Watson, a couple featured in The Globe and Mai's feature on DINKs, cycle along Vancouver’s seawall on February 19, 2024.Jennifer Gauthier/The Globe and Mail
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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.
On April 24 at 3 p.m. ET, Globe and Mail reporter Salmaan Farooqui answered reader questions about his feature on how Canada’s child-free couples are spending their time and money. Salmaan spoke to several DINK couples across the country about why they made the decision to not have children and how it shaped their lives and financial decisions. Some go on regular lavish vacations, while others are setting their sights on becoming mortgage-free.
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How are these couples preparing for old age? How has the decision to go child-free affected their family and work lives? What’s the difference in finances between DINKs and people with kids? Scroll to the comments to read the answers to these questions and more.
How do you approach allowances for your kids?
Parents, we want to know how you manage giving out allowances for your children. How do you decide how much money to give them? Is allowance conditional on completing chores? Do you give cash or deposit money into a bank account? Or, do you not give allowance at all? Please share your experience and strategy for allowances, or reach out directly to Globe reporter Salmaan Farooqui at sfarooqui@globeandmail.com.