Parents More Confident in Retirement Savings Compared to Childless Individuals

A recent study by the Allianz Center for the Future of Retirement indicates that parents generally feel more confident than their childless counterparts about their ability to save for retirement.

The 2026 Annual Retirement Study, conducted by Allianz Life Insurance Company of North America, surveyed 1,000 adults aged 25 and over with household incomes of at least $50,000 or investable assets of $150,000 or more. Findings show a distinct confidence gap: 72% of parents express confidence in achieving their retirement goals, compared to only 54% of individuals without children. Parents with one or two children report feeling slightly more assured (74%) than those with three or more children (66%).

Influence of a Financial Plan

A key element boosting parent confidence is the presence of a written financial plan. The study reveals that 58% of parents have a financial plan in place, compared to just 38% of childless participants. According to Kelly LaVigne, VP of consumer insights at Allianz Life, parenthood often prompts difficult financial discussions that may inadvertently lead to more comprehensive planning. In contrast, those without children often encounter immediate financial pressures that detract from long-term savings strategies.

Financial Barriers to Retirement Savings

The financial challenges affecting savings also differ between these groups. While individuals without children may not face expenses like childcare or tuition, 61% report that everyday expenses hinder their ability to prioritize retirement savings. Comparatively, 53% of parents feel the same way. Both groups, however, are similarly troubled by the rising cost of living, though a larger percentage of childless individuals (71%) feel its impact than do parents (64%).

Family Planning and Financial Strategy

The study also highlights an interesting intersection between family planning and financial strategy. Nearly half of the surveyed individuals take potential challenges to retirement savings into account when considering having children. Notably, Millennials seem particularly sensitive to this aspect compared to Gen Xers and baby boomers, reflecting a generational shift in how prospective parents weigh financial and familial decisions.

LaVigne points out, "Writing down a financial strategy is one of the most powerful things you can do for your future security." This study emphasizes that regardless of parental status, having a solid financial strategy is crucial for building confidence in one's economic future.