10% of young adults delay family plans due to cost uncertainty

Ten percent of Generation Z and Millennial adults report delaying their plans to have children because they are uncertain about the costs involved or the impact on their long-term finances. This figure comes from new research conducted by Northwestern Mutual.

Kate Michaels, a managing partner at Northwestern Mutual, noted that financial concerns are pushing family planning to the rear while biological timelines continue to move forward. She stated that money is a central factor in these decisions.

When couples face infertility, In Vitro Fertilization, or IVF, often becomes a point of consideration. Michaels described the process as emotionally and financially overwhelming for many families.

The financial planning required for IVF extends beyond the cost of a single procedure. Michaels explained that couples must account for monitoring appointments and medical exams that occur before the main treatment begins. She advised that individuals should consider the potential need for fertility treatments when entering a relationship.

Michaels recommended that couples discuss these possibilities with a financial advisor early in the process. This initial conversation allows them to prepare for a wide range of potential costs without needing to know if treatments will be required.

She highlighted that working with an advisor provides peace of mind during a process that is already physically and emotionally taxing. The goal is to prevent financial anxiety from adding stress to a difficult journey.

Michaels advised reviewing insurance coverage as early as possible to determine what benefits are included and what is excluded. Understanding these limits helps couples identify out-of-pocket expenses, such as travel or additional procedures, that they may need to budget for and set aside.