Whereas previous economic shocks such as the oil crisis of 1973 caused a temporary dip in fertility, the 2007-2008 banking meltdown was different because birth rates continued to decline even after the economy started growing again, says to Daniele Vignoli, professor of demography at the University of Florence in Italy. He believes the turbulence a decade and a half ago marks the point at which people’s uncertainty about the future began to take hold.
On that note: Compare the total fertility rate in the nordic countries:
to the personal income inequality in the nordic countries:
See how the dip inincome inequality around 1990 for Norway and Sweden is associated with a maximum in fertility. Similary, like peaks of inequality around the late 90’s correspond to minima in fertility.