A new study from Allianz Life Insurance Company of North America reveals a striking paradox in retirement planning: Americans without children are significantly less confident about their retirement savings than parents, despite typically having fewer dependent-related expenses. The 2026 Annual Retirement Study, conducted by the Allianz Center for the Future of Retirement, surveyed 1,000 U.S. residents aged 25 and older with household incomes of at least $50,000 or investable assets of $150,000 or more.
According to the findings, only 54% of childless respondents said they feel confident in their ability to meet retirement savings goals, compared with 72% of parents. Among parents, confidence was higher for those with one or two children (74%) than for those with three or more (66%). The gap appears to stem less from income or expense levels and more from the absence of a structured financial plan.
The planning gap
The study found that 62% of childless Americans do not have a written financial plan, versus 42% of parents. Kelly LaVigne, vice president of consumer insights at Allianz Life, noted in a release that parenthood often forces difficult but productive conversations about money. "Without that catalyst, too many Americans may be moving forward without a strategy," she said.
This lack of planning may be compounded by day-to-day financial pressures. About 61% of childless respondents said they cannot think about saving for retirement because they are focused on covering current expenses, compared with 53% of parents. Anxiety about future costs is also higher among the childless: 71% worry that the rising cost of living will prevent them from enjoying retirement (versus 64% of parents), 66% worry about affording long-term care (versus 60%), and 54% say rising housing costs limit their retirement saving (versus 47%).
Parents face their own headwinds
Parents, while more confident and more likely to have a plan, still encounter significant savings barriers. Among parents who are not saving as much as they would like, 29% cite education costs and 27% point to childcare expenses. Credit card debt (40%) and car loan debt (25%) are also cited as major obstacles, at higher rates than among childless Americans.
LaVigne emphasized that financial professionals can help parents balance supporting their children with long-term saving. "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," she said.
Family planning and retirement intertwined
The study also found that for many Americans, decisions about having children are closely tied to retirement considerations. Nearly half (48%) of respondents said they considered, or would consider, the potential impact on retirement savings when deciding whether to have children. This was far more prevalent among millennials (64%) than Gen Xers (41%) or baby boomers (18%).
The findings underscore the importance of proactive financial planning, regardless of family status. As LaVigne noted, "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." For advisors, the data suggest that childless clients may need extra encouragement to formalize their retirement plans, particularly given the inflation-driven delays in retirement seen across the workforce. Additionally, the rise of gray divorce and other life changes can further complicate retirement income planning, making written strategies even more critical.
As the industry continues to adapt to shifting demographics, firms are looking beyond traditional finance degrees to fill advisor ranks, partly to better serve diverse client needs. The Allianz study, conducted in 2025, offers a data-driven reminder that retirement confidence is not solely a function of income or family size—it is also a product of deliberate planning and professional guidance.
