Northwestern Mutual: Fertility Costs Shape Family Finance Decisions

Northwestern Mutual released new research on the financial impact of in vitro fertilization on young families. The study found that approximately 10% of Gen Z and Millennial adults are delaying the decision to have children. The primary driver for this delay is uncertainty about how to afford the process and its effect on long-term financial stability.

Kate Michaels, a managing partner at Northwestern Mutual, stated that financial concerns are pushing family plans into the future. She noted that this delay occurs while fertility timelines continue to progress independently of financial readiness. Michaels described the potential need for IVF as both emotionally and financially overwhelming for couples who face infertility.

Planning for fertility treatments requires accounting for more than the cost of a single procedure. Michaels explained that couples must budget for monitoring appointments and medical exams before reaching the major expenses associated with the treatment. She advised that individuals consider the potential need for fertility treatments when entering a relationship.

Michaels said that couples do not need to confirm a diagnosis before consulting a financial advisor. An early conversation allows them to prepare for a range of potential costs. She emphasized that this planning provides peace of mind during a process that is physically and emotionally taxing. The goal is to prevent financial anxiety from adding stress to a partner or individual undergoing treatment.

The firm recommends that individuals review their insurance coverage as early as possible. This review clarifies what the policy covers and what it excludes. It helps identify out-of-pocket expenses, such as travel or additional procedures, that require separate budgeting. With this information, couples can determine how much to set aside in case they need treatment.