Financial Planning: IVF costs force Gen Z and Millennials to rethink family timelines

A new study from Northwestern Mutual reports that 10% of Generation Z and Millennial adults are delaying the decision to have children due to financial uncertainty.

The research highlights that long-term financial planning is interfering with biological timelines. Kate Michaels, a managing partner at Northwestern Mutual, stated that money is a primary factor pushing family plans back while fertility concerns persist.

For individuals facing infertility, In Vitro Fertilization is often the next step. Michaels described this process as emotionally and financially overwhelming. She noted that planning for IVF requires more than just budgeting for the main procedure.

Michaels explained that couples must account for various medical expenses before reaching the primary cost of the cycle. "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," she said.

She advised that couples consider the potential need for fertility treatments when entering a relationship. Couples do not need to know if they will require treatment to speak with a financial advisor. Early conversations can help individuals prepare for a range of potential costs.

Michaels emphasized that working with a professional offers peace of mind. "That’s where I think the partnering with a financial advisor gives a lot of peace of mind, because again, it’s already such an emotional, emotionally taxing and physically taxing process," she said. She added that financial anxiety is an unnecessary burden during such a physically demanding journey.

To manage these expenses, Michaels recommends reviewing insurance coverage as early as possible. This step clarifies what the policy covers and what it does not. Identifying gaps in coverage helps individuals determine where out-of-pocket costs, such as travel or extra procedures, will apply. With this information, couples can begin setting aside funds to cover potential fertility treatment costs.