Is this a sign of the time: half of the 1,700 Canadians surveyed believe having children and a home is a financial luxury they no longer feel they can’t afford when it comes to doing both.

The Terrible Money Twos survey by RateSupermarket.ca, found 55.6 per cent of respondents believe their ability to start or expand their family is directly impacted by real estate prices in their region. The challenge is even greater for millennials, at 72.11 per cent.

Being financially ready for children has always been an issue and is nothing new. It is estimated that it costs about a quarter of a million dollars to raise a baby to college-age and yet I feel it is sad that Canadians feel they now have to choose between home ownership and their desire to be a parent.

It shouldn’t be either/or it should be an "and". You should be able to do both in time.

Existing debt is also a burden and the twin D’s debt and daycare prevents many families from growing their family. Not surprising that lack of affordable daycare was considered the greatest financial challenge facing parents with 41 per cent saying they will rely on one parent to stay at home full-time and 48% say daycare’s lack of affordability compromises the affordability of other things.

That’s not all - there are a number of financial challenges influencing the family prospects of millennials:

  • 54.5 per cent said family costs were more than expected
  • Food tops the list of unexpected costs for parents 26.5 per cent
  • 52.8 per cent said they simply cannot expand their family in their current home
  • 49.4 per cent say they have changed their mind about their family size due to the associated costs.

The Centre for Disease Control has showed that birth rates for teenagers and women in their 20s hit a record low. Meanwhile, birth rates for women in their 30s and 40s rose.

This report suggests it is not a sign of millennial selfishness, but one of selflessness. Putting off children until you can afford them is one of the most responsible decisions a younger person can make.

It looks like millennials might be the "cost generation," rather than the lost.

Addressing debt levels, employment prospects and rising home prices is forcing many to not necessarily just rethink family dynamics but also family timing. To me it is a financially responsible response to the current economic conditions.