Northwestern Mutual survey links financial worry to delayed family plans

Northwestern Mutual released new research finding that financial uncertainty is a primary factor delaying family formation among younger generations.

The study indicates that approximately 10 percent of Generation Z and Millennial adults are postponing having children. These respondents cited a lack of clarity regarding how to afford the process or what starting a family would entail for their long-term financial stability.

Kate Michaels, a managing partner at Northwestern Mutual, noted that monetary concerns often push family plans into the future. She explained that this delay occurs while biological fertility clocks continue to tick in the background. For couples who face infertility, in vitro fertilization, or IVF, often becomes a necessary consideration.

Michaels described IVF as a process that can be both emotionally and financially overwhelming. She emphasized that planning for this procedure involves costs beyond the main treatment. Couples must account for monitoring appointments and medical exams that occur before the primary procedure takes place.

“It’s not like you can only plan for an IVF cycle. There may be monitoring appointments and medical exams that you need to account for before you even get to this bigger cost that you might be incurring,” Michaels said. She advised that couples consider the potential need for fertility treatments when entering a relationship.

Couples do not need a confirmed diagnosis of infertility to begin these financial discussions. An early conversation with a financial advisor can help individuals prepare for a wide range of potential costs. Michaels stated that partnering with an advisor provides peace of mind during a physically and emotionally taxing time. The goal is to prevent financial anxiety from compounding the stress of the medical process.

Michaels recommends that couples review their insurance coverage as early as possible. This step clarifies what benefits are included and what is excluded. Understanding the gaps allows individuals to budget for out-of-pocket expenses such as travel or additional procedures. With this information, couples can determine an appropriate amount to set aside for potential fertility costs.