Part
01
of one
Part
01
Families and Living Arrangements
We were unable to find information on the number of mid/high-income families with children 2-5 years old in the US, UK, Europe, and other regions.
The US middle-class comprises 51% of its population, and about 58% of the UK population lives in the middle-income group.
1. United States
- There are about 15.9% millennials in the United States living with children in the age group of 2-5 years old. In the United States, there are about 53% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 15.9% (53% x 30%)/100 of millennials.
- According to Child Stat reports, there are about 23.1 million children in the United States in the age group of 0-5 years.
- According to the OECD report, the US middle-class comprises 51% of the population, and 14% of the population belongs to the upper-income class.
2. United Kingdom
- There are about 17.7% millennials in the UK living with children in the age group of 2-5 old. In the UK, there are about 59% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 17.7% (59% x 30%)/100 of millennials.
- According to the OECD report, the UK’s middle-class comprises 58% of the population, and 11% of the population belongs to the upper-income class.
3. Europe
- There are about 18% millennials in Europe living with children in the age group of 2-5 old. In Europe, there are about 60% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 18.0% (60% x 30%)/100 of millennials.
- According to the Eurostat report, there were 68 million children (aged less than 15 years) in Europe.
4. Australia
- There are about 19.8% millennials in Australia living with children in the age group of 2-5 old. In Australia, there are about 66% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 19.8% (66% x 30%)/100 of millennials.
- According to the OECD report, the middle-class comprises 58% of the Australian population, and 10% of the population belongs to the upper-income class.
5. India
- There are about 18% millennials in India living with children in the age group of 2-5 old. OECD report suggests that there are about 60% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 18.0% (60% x 30%)/100 of millennials.
- An estimated 28% of India’s population belongs to the middle-class group, of which 14% is lower middle class, and about 3% is upper middle class.
6. South Africa
- There are about 18% millennials in South Africa living with children in the age group of 2-5 old. OECD report suggests that there are about 60% of millennials living in the middle-income class group. Assuming that about 30% of millennials live a family life. This equates to 18.0% (60% x 30%)/100 of millennials.
- An estimated 20% of South Africa’s population belongs to the middle-class group.
Research Strategy
After our extensive research and creative assumptions, we were unable to provide the number of mid/high-income families with children 2-5 years old in the US, UK, EU, and other regions.
Our research team began by scouring through the public domain for any data provided by market research and industry-specific reports. We also searched for any reports or statistics released by government resources such as the U.S. Census Bureau, child stats, Office for National Statistics, as well as relevant government authorities. Additionally, we looked for any reports produced by international organizations like the Organization for Economic Co-operation and Development, the European Union website, among others. However, there was no specific information available on the required stats.
Having found no readily available statistics, the research team decided to triangulate the required information. The research team did this by finding the age group of people who are likely to have children in the age group of 2-5 years. The research team found that millennials/ Generation Y is the generation born between 1981 and 1996 (ages 23 to 38 in 2019). Further, the research team searched for the number/percentage of millennials living a family life and found that about 30% of millennials live with a spouse and child. Next, the research team searched for information on the percentage of millennials in each country/region that are living in the middle-income group and used for calculating the information. However, it should be noted that the percentage provided are just ballpark figures as there is limited data available on the required statistics.