Americans without children are less confident about retirement, Allianz finds

As Americans weigh whether to have children and the effect on their financial future, those without kids are significantly less confident about meeting their retirement goals, according to the 2026 Annual Retirement Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).

Americans without children are least likely to feel confident in their ability to meet their retirement savings goal (54%), compared to Americans with kids (72%). Among parents, those with one to two children (74%) are more likely to feel confident versus those with three or more children (66%).

“It may seem counterintuitive that people without kids are less financially confident and more worried about retirement,” says Kelly LaVigne, VP of consumer insights at Allianz Life. “But not having children — and the expenses that come with kids — doesn’t automatically mean you have a plan to save. Parenthood often forces tough conversations about money. Without that catalyst, too many Americans may be moving forward without a strategy.”

The study found Americans who do not have kids are less likely to have a written financial plan. The majority without kids (62%) do not have a written financial plan, compared to 42% of those with kids.

Childless but not carefree

For Americans without kids, present expenses and rising costs are top of mind. About three in five without children (61%) say they can’t even think about saving for retirement right now because they are just trying to take care of day-to-day expenses, compared to 53% with children.

Americans without kids also express financial anxiety about rising costs.

• 71% without kids worry that the rising cost of living will prevent them from enjoying their retirement (64% with children)
• 66% without kids worry they will not be able to afford the high cost of long-term care (60% with children)
• 54% without kids worry rising housing costs will limit their ability to save for retirement (47% with children)

What’s keeping parents from saving for retirement?

While parents express more financial confidence, they still need to make choices on where their money goes. Among Americans with kids who are not saving as much for retirement as they would like, 29% say paying for children’s education and 27% say childcare costs are keeping them from saving. Americans with kids are also more likely to say credit card debt (40%) and car loan debt (25%) is hindering their ability to save as much as they would like for retirement.

“With the help of a financial professional, you can create a strategy that supports your kids and your long-term finances, so you’re not sacrificing your future to invest in theirs,” LaVigne says.

Considering finances before having kids

For many Americans, the decision to have children and their retirement strategy are connected. Nearly half (48%) say they considered (or would consider) the potential challenges in saving for retirement as a significant factor when deciding whether or not to have children. Millennials (64%) were more likely to consider this than Gen Xers (41%) or boomers (18%).

“Becoming a parent is a deeply personal decision and everyone has their own unique set of circumstances. Finances are one of them,” said Kelly LaVigne, VP of consumer insights at Allianz Life. “Regardless of whether you have kids or not, writing down a financial strategy is one of the most powerful things you can do for your future security. And it’s a variable you can control.”

* Allianz Center for the Future of Retirement^® conducted the 2026 Annual Retirement Study in January 2026 with a nationally representative sample of 1,000 respondents age 25+ with an annual household income of $50K+/$75K+ (single/married) OR investable assets of $150K+.

The Allianz Center for the Future of Retirement^® produces insights and research as a part of Allianz Life Insurance Company of North America.

Allianz Life Insurance Company of North America does not provide financial planning services.

Annuities and life insurance are issued by Allianz Life Insurance Company of North America (Allianz). Registered index-linked annuities are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

This content does not apply in the state of New York.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies^®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2025, Allianz Life provided additional value to its policyholders via distributions of more than $18.7 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, manages the suite of AllianzIM exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 156,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field^® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.