lan sponsors face a growing cohort with no children and no written savings strategy
Employees without children report the lowest confidence in reaching their retirement savings goals, trailing parents by a wide margin.
The 2026 Annual Retirement Study from the Allianz Center for the Future of Retirement found that 54 percent of Americans without children feel confident they will meet their retirement savings goal, compared with 72 percent of those with children.
The centre is part of Allianz Life Insurance Company of North America.
Confidence also slips as families grow, with 74 percent of parents with one or two children feeling confident against 66 percent of those with three or more.
Not having children, and the expenses that come with them, does not automatically mean a person has a plan to save, said Kelly LaVigne, vice-president of consumer insights at Allianz Life.
"Parenthood often forces tough conversations about money. Without that catalyst, too many Americans may be moving forward without a strategy," he said.
The study found 62 percent of Americans without children do not have a written financial plan, compared with 42 percent of those with kids.
About three in five Americans without children, 61 percent, say they cannot think about saving for retirement because they are managing daily expenses versus 53 percent of parents.
Rising costs weigh more heavily on the same group: 71 percent worry the cost of living will prevent them from enjoying retirement, against 64 percent of parents; 66 percent worry about affording long-term care, against 60 percent; and 54 percent say housing costs will limit their ability to save, against 47 percent.
Paying for children's education keeps 29 percent of parents from saving as much as they would like, and childcare costs keep 27 percent from doing so.
Parents are also more likely to cite credit card debt, at 40 percent, and car loan debt, at 25 percent, as obstacles to retirement saving.
LaVigne said working with a financial professional can help parents support their children without giving up their own retirement savings.
Nearly half of Americans, 48 percent, say they considered or would consider the challenge of saving for retirement as a significant factor in whether to have children.
Millennials were far more likely to weigh it, at 64 percent, than Gen Xers at 41 percent or boomers at 18 percent.
Statistics Canada reported the country's total fertility rate fell to a record low of 1.25 children per woman in 2024, placing Canada in the group of nations with ultra-low fertility.
The agency's 2024 Survey on Family Transitions found just over half of Canadian women aged 20 to 49, at 51.5 percent, have no children.
The 2026 Fidelity Retirement Report found 86 percent of pre-retirees with a written retirement plan express a positive outlook, compared with 54 percent of those without one.
Only about one in five pre-retirees have such a plan.
The Healthcare of Ontario Pension Plan found 58 percent of unretired Canadians have saved for retirement at any point and 46 percent saved in the past year, according to its 2026 Canadian Retirement Survey.
Seventy-nine percent are worried about the effect of inflation on daily expenses.
LaVigne said writing down a financial strategy is one of the few variables people can control, whether or not they have children.
"And it's a variable you can control," he said.
