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It might just be my personal experience, but I am German and my personal birth rate has been steady all my life.
To add anything of substance here, there's a good ol Kurzgesagt video on this. TLDW: Global phenomenon, hard to predict, just investing more money on parents and their needs has been tried and did not really work. Governments should still try to ease the burden of new parents because Jesus Christ they have it hard enough.
Somewhere else I heard that maybe our pessimistic look at the future is to blame and we should try to spread optimism more (or lay the foundation for a better future so people can actually be optimistic), but that's less well researched. Not least because optimism isn't easily quantifiable.
Pessimism is definitely part of it. Homeownership here in the US is at an all time low and I blame that too. When renting, you're moving every few years and adding kids on top of that? Fuck that.
We have one of the worst rates of home ownership in DE, compared to the rest of EU: Page is in german but the graph is pretty much self-explanatory.
But that can't be the sole reason, because the home ownership rates are actually better in the east than in the west. Hmm, during the Cold War, the former GDR actually had incredible child care. Even smaller companies were often required to have some sort of Kindergarten and other support for parents. Maybe this is still remembered by today's potential parents, and - like someone said ITT - parents have it hard enough already.
Fun fact: This was explained to me (in High School...) because "the enemy" wanted to indoctrinate children at a very young age because communism... I didn't even had to ask, that came immediately when the then GDR was discussed as part of the official curriculum.