Couple of thoughts. (1) To me, immigration can indeed fill the gap. An endless supply of people wish to leave poorer , or hotter (which is a problem with climate change) countries, for richer ones. This will hurt the poorer countries that end up with an ageing population. OTOH if those poorer countries are becoming too hot to live in, that's a good move for people , although awful for those left behind. (2) Cost of raising kids - in my experience the richer people are the more they seem to worry. Maybe those of us raised on less are simply used to being creative about getting by on less, and unfazed by the prospect. To use your 2 examples- music lessons can be had in many ways, often cheap/almost free such as joining a community music group where people will pass on skills. Disneyland - hardly essential, or any form of hardship for a child to miss out on that, IMHO. There are many ways to have a meaningful life, get plenty of education etc, without spending a fortune. While housing has gone up a lot, my parents' generation will say that in the past there were housing booms too, followed by super high interest rates, and everything else used to take relatively more of income, including food and clothes. A difference then was public transport was better in many ways and cheaper, so a car not as essential. I think the main difference now is peoples' expectations. Since the planet can't sustain ever-increasing consumption habits, probably its a good thing people are having less kids.