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Pro: attention from parents -

As there are no siblings around to split time with, only children get the full attention from both parents. However, if you're more rebellious, this might be a con.

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Con: discomfort relating to children -

Since only children spend a lot of time with adults, they can feel a bit uncomfortable relating to other children. They can have a bit of difficulty letting loose and playing like the other kids.

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Pro: relating to adults -

When people grow up without siblings, they usually spend more time around adults. This teaches them to interact and relate with much older people.

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Con: they could develop "little emperor syndrome" -

There's the possibility of some only children developing "little emperor syndrome," a situation in which the parents lavish their love, attention, and resources on the child. This might result in the child becoming too spoiled.

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Pro: money is spent only on one child -

Obviously being an only child means that the parents have only one child to spend the money on. It doesn't have to be shared among other siblings.

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Con: loneliness -

This is usually the first disadvantage that comes to mind when people think of only children. And it's true at times, as many only children longed for a sibling.

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Pro: no sibling fights -

Sure, there might be some occasional bickering between parents and child, but it's not a regular occurrence in the household as it would be with siblings.

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Con: no one to share responsibilities with -

One of the downsides to having no siblings is that there's no one to share responsibilities with. Be it with house chores or later in life to help organize family gatherings.

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Pro: more independent -

Not having siblings means only children make more decisions on their own. This also means they entertain and occupy themselves more.

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Con: not knowing how to fight -

Learning how to fight and have disagreements is a useful life skill. However, as only children don't really have anyone to argue with growing up, it might present some difficulties later in life.

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Pro: more material things -

As only children don't have to share things with siblings, they get more toys than normal, as well as money to spend, and later on more inheritance.

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Con: parents may become too attached -

As parents only have one child to focus on, they may become too attached to the child's success and try to live through them, rather than giving them space.

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Pro: traveling is easier -

Travel is a lot easier and more affordable with only one kid. Also, it's much easier to accommodate a group of three when trying to get into restaurants and even when buying tickets.

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Pro: the favorite child -

With no siblings around, and being the main focus of their parents, only children will always be the favorite child. Forget about competition!

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Con: not knowing how to ask for help -

The flip side of being too independent is that only children have the tendency to do everything by themselves. They have to learn how to ask for help and for the opinions of others.

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Pro: a stronger bond with parents -

With no siblings to confide in, the parents of only children are the closest people who they can turn to.

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Con: too much pressure -

Some parents to only kids may put too much pressure on them to succeed in their studies or work. This can cause anxiety and low self-esteem.

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Pro: maturity -

One of the effects of spending a lot of time with adults is that only children learn how to think like them, making them seem more mature for their age.

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Con: hard time with team work -

Only children tend to have a hard time when it comes to teamwork. This is because they’re used to organizing things their way and making decisions individually.

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Pro: a stronger bond with friends -

Not having siblings means that only children are forced, positively, to choose friends wisely. They'll probably have more lasting friendships than people who have siblings.

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Con: everything is done for the child -

As only children are the main focus of the parents, they can get used to having everything done, managed, and taken care of for them. This could result in spoiled behavior.

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Pro: confidence -

Parents may spend more time teaching their child to be independent so that they can build confidence and feel less pressure as they get older.

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Con: no one to blame for any mess -

Sometimes kids get away with it, other times they don’t. When it comes to only children, parents won't ask who made the mess. They already know who did it.

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Pro: friends become family -

With the lack of siblings, and sometimes even cousins, only children often grow up with family friends who become their chosen family.

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Con: unaware of other’s opinions -

A related effect of not having to disagree with anyone is ignorance of perspectives different from your own. Only children might expect their approach to problems to be the same as others, and not see other point of views.

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Pro: more money on education -

Parents are able to spend more money, time, and attention on the child's schooling. They will also find it easier to save for their child's college/university education.

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Con: it can get overwhelming when parents get older -

When parents get older, being an only child can become a lot of responsibility, as there are no siblings to help take care of the parents. It might be overwhelming.

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Pro: no comparisons -

Without any brother or sister, forget about any comparisons. Only children are often seen as their own person, far from the shadow of any sibling.

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Pro: parents have more free time -

Only children will notice that their parents are more lively, sleep better, and actually have hobbies. Not having more children gives them a lot more time for themselves!

Sources: (Metro) (BBC) 

See also: How to cope with a dysfunctional family 

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