Northwestern Mutual: 10% of younger adults delay children due to cost

Ten percent of Generation Z and Millennial adults report delaying the decision to have children because they are uncertain about the financial impact or their ability to afford the process, according to new research from Northwestern Mutual.

Kate Michaels, a managing partner at the firm, stated that monetary concerns are pushing family plans later while biological fertility clocks continue to advance. She noted that if a couple faces infertility, many turn to in vitro fertilization, a process she described as both emotionally and financially overwhelming.

Michaels emphasized that planning for assisted reproduction extends beyond the cost of a single procedure. Couples must account for preliminary steps such as medical exams and monitoring appointments. These expenses often accumulate before the major costs of the IVF cycle itself are incurred.

She advised that individuals do not need to know if they will require fertility treatments before speaking with a financial advisor. An early conversation allows couples to prepare for a wide range of potential costs. This proactive approach helps them understand what their insurance coverage will and will not pay.

Identifying coverage gaps is essential for budgeting. Out-of-pocket expenses, which can include travel or additional procedures, require specific allocation. With a clear picture of these costs, couples can determine how much to set aside in advance.

Michaels said that partnering with a financial advisor provides peace of mind during a physically and emotionally taxing process. She argued that reducing financial anxiety allows couples to focus on the medical journey without the added stress of unexpected bills.

The firm recommends that couples review their insurance policies as early as possible. This step clarifies the scope of coverage and highlights where out-of-pocket funds will be needed.