Why are ordinary people unwilling to have children anymore?

In our country, the family planning policy was implemented in 1971. The two-child policy was officially implemented in 2016.

Between 1971 and 2016, there were 22 years with a birth rate of over 20 million. In 23 years, there were over 15 million births. However, after the policy was relaxed in 2016, the number of births plummeted! In 2023, the number of births fell below 10 million.

According to common sense, the living standards of ordinary people have greatly improved. Their material and spiritual lives have become richer. Yet, we see the phenomenon where the wealthy are not having children, and those without money are also not having children.

Has the belief among ordinary people that 'more children mean more blessings' changed, or has the social environment and societal values altered people's perspectives?

What will the birth rate be in 2024?