Northwestern Mutual warns Gen Z and Millennials to budget for IVF early

Northwestern Mutual released new research on family finances and fertility costs.

The study found that roughly 10% of Gen Z and Millennial adults are delaying parenthood. These individuals cited uncertainty about affordability and the long-term financial impact of starting a family. Kate Michaels, a managing partner at Northwestern Mutual, noted that financial concerns are pushing family plans back while fertility issues remain a constant factor.

Michaels stated that in vitro fertilization, or IVF, can be emotionally and financially overwhelming for couples. She explained that planning for IVF involves more than the single procedure. Couples must account for monitoring appointments and medical exams before the main cost of the cycle occurs. She advised couples to consider the possibility of needing fertility treatments when entering a relationship.

Couples do not need a confirmed diagnosis before discussing these potential costs with a financial advisor. An early conversation allows individuals to prepare for a wide range of expenses. Michaels said this partnership provides peace of mind because the process is physically and emotionally taxing. She emphasized that reducing financial anxiety helps partners focus on the treatment itself rather than worrying about bills.

Michaels recommends reviewing insurance coverage as early as possible. This step helps individuals understand which treatments are covered and which are not. It also reveals where out-of-pocket costs, such as travel or extra procedures, may arise. With this information, couples can estimate how much money to set aside for these potential expenses.