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Serbia has been facing a childbearing crisis and its repercussions for decades, despite the population policy measures. This paper analyses the linkage between women's education and childbearing, since the educational attainment level is a significant and accurately measurable determinant of fertility. The analysis is based on vital statistics, as the input for the calculation of various fertility indicators for the period of 2002-2015. This timeframe is taken into consideration because a strong financial incentive for childbearing was introduced in 2002, while 2015 is the most recent year for which data on vital events are available. In the observed period, the total fertility rates of women with no education and with university education increased, in contrast to the declining total fertility rates of women with primary and secondary education. The findings of this research indicate the need to create conditions that promote childbearing by women with primary and secondary education, who have not responded to the existing, principally financial, fertility policy measures as expected. [ABSTRACT FROM AUTHOR]