Millennials delay kids over fertility costs
Northwestern Mutual data shows 10% of younger adults postpone parenthood due to financial uncertainty about IVF and other medical expenses.
By Naomi Tesfaye ·
Kate Michaels, a managing partner at Northwestern Mutual, reports that financial concerns are pushing many young adults to delay starting families. New research from the firm indicates that approximately 10% of Generation Z and Millennial adults cite uncertainty about affording children as a primary reason for postponing parenthood. Michaels notes that this financial hesitation occurs while biological fertility timelines continue to move forward.
The cost of infertility treatment presents a complex financial challenge for couples. Michaels explains that IVF is not a single transaction but a series of events that create financial pressure. Patients often face monitoring appointments and medical exams before reaching the main procedure. These preliminary steps add to the total expense, making it difficult to predict the final bill with precision.
Michaels advises couples to discuss fertility costs with a financial advisor early in their relationship. This step does not require a diagnosis of infertility. Instead, it allows partners to prepare for a range of potential medical expenses. Early planning helps individuals understand the scope of costs they might encounter if they face fertility challenges in the future.
The emotional burden of fertility treatment is a major factor in the need for financial preparation. Michaels states that the process is physically and emotionally taxing. Adding financial anxiety to that stress can strain relationships. She suggests that having a plan in place provides peace of mind. This allows couples to focus on the medical journey without worrying about unexpected bills.
A key part of this preparation is reviewing insurance coverage. Michaels recommends checking policies as early as possible to identify what is covered and what is not. This review helps highlight out-of-pocket expenses, such as travel or additional procedures. With this information, couples can estimate how much money they should set aside to handle these costs if they arise.
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