very much this. there are plenty of studies that shows a direct correlation between icreasing economic difficulties and birth rate fall in europe (and is super evident for example in france where the dismantle of the wellfare state last 15 years drop birth rate from 2.8 to 1.9 in same amount of years, process being more strong during the "Macron era").
Of course this does not applies to a lot of countries that are not in good economic shape (in the global south) because in those countries neoliberalism and the massive individualisation of society is just present in the upper statements, while the popular classes still rely in its community, also for reproduction.