At the start of the Life-Cycle, those with higher income are happier, because material aspirations are fairly similar throughout the population. However, income does not cause well-being to rise both for higher and lower income persons: Even though rising income means that people can have more goods, the favorable effect of this on the well-being is erased by the fact that PEOPLE WANT MORE AS THEY PROGRESS THROUGH THE LIFE CYCLE!
Why is it that when you have more MONEY, the lesser you want to have children?
Once you increase your economic status, you want to surround yourself with better things: increase spending in luxury, lifestyle, and taste; increase in economic status = want to have a better quality of life, so lesser children because having a child is expensive
In having children, increasing economic status = want to have better quality of children, so investing on them will become more expensive (examples: healthier children = complete vaccines; better schools = expensive schools)