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Americans without children may avoid the considerable costs of raising a family, but that doesn’t necessarily translate into greater confidence about retirement.

A new study from the Allianz Center for the Future of Retirement found that 54% of Americans without children feel confident they can meet their retirement savings goal. That compares with 72% of Americans who have children. 

Among parents, confidence was highest among those with one or two children, at 74%, compared with 66% among those with three or more. 

The findings challenge the assumption that people without children are necessarily in a stronger financial position because they aren’t paying expenses such as childcare and education.

Kelly LaVigne, vice president of consumer insights at Allianz Life, said parenthood can prompt people to have difficult conversations about their finances and develop a strategy for the future. People without children may not encounter the same catalyst for financial planning.

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People without kids are less likely to have a financial plan

The difference is particularly noticeable when it comes to written financial plans. 

The study found that 62% of Americans without children don’t have a written financial plan, compared with 42% of parents. Across the broader population, Allianz’s 2026 retirement research found that nearly half of Americans don’t have a written retirement plan. 

Day-to-day expenses also appear to be taking a toll. About 61% of respondents without children said they can’t think about saving for retirement right now because they’re focused on covering everyday expenses. Among parents, 53% said the same.

People without children were also more likely than parents to express concern about several costs that could affect retirement:

• 71% worry the rising cost of living will keep them from enjoying retirement, compared with 64% of parents.
• 66% worry they won’t be able to afford long-term care, versus 60% of parents.
• 54% worry rising housing costs will limit their ability to save for retirement, compared with 47% of parents.

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Parents face different obstacles to saving

Having children doesn’t eliminate financial pressure. Instead, parents appear to face a different set of competing expenses.

Among parents who aren’t saving as much for retirement as they would like, 29% cited the cost of their children’s education and 27% cited childcare expenses. Credit card debt was holding back retirement savings for 40%, while 25% pointed to car loan debt. 

Those pressures are significant because retirement savings have to compete with expenses that can feel more immediate, from daycare bills to college tuition.

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Retirement costs are influencing decisions about having children

The financial connection between children and retirement can begin even before someone becomes a parent.

Nearly half of Americans surveyed — 48% — said they considered, or would consider, the potential difficulty of saving for retirement as a significant factor when deciding whether to have children. 

There was a substantial generational divide. Millennials were most likely to consider the effect on retirement savings, at 64%, compared with 41% of Gen Xers and just 18% of baby boomers. 

The results suggest that having fewer family-related expenses isn’t enough on its own to ensure retirement readiness. Whether consumers have children or not, developing a financial strategy — and accounting for rising housing, healthcare, and everyday living costs — could play an important role in improving retirement confidence.