Those without kids less confident about retirement savings, but why?

Having children typically adds costs to the household budget, so it might seem surprising that parents appear more confident about their financial future than those without kids.

But a new study reveals that while only 54% of Americans without children said they feel confident in their ability to meet their retirement savings goals compared to 72% of parents. Among parents, those with one or two children (74%) expressed greater confidence than those with three or more (66%).

The newly-released findings are from the 2026 Annual Retirement Study conducted by the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America. It surveyed 1,000 respondents age 25 and older with household incomes of $50,000 or more, or investable assets of at least $150,000.

Read: Parents worry kids are less money-ready despite new financial tools

The planning gap

The confidence divide appears to be rooted in something more fundamental than income or expenses. It's the absence of a written plan.

Sixty-two percent of childless Americans do not have a written financial plan, compared to 42% of those with children, the study found.

"It may seem counterintuitive that people without kids are less financially confident and more worried about retirement," said Kelly LaVigne, VP of consumer insights at Allianz Life Insurance Company of North America, based in Minneapolis. "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."

Day-to-day costs weigh on the childless

Despite not carrying childcare or tuition bills, Americans without children are more preoccupied with present-day financial pressures.

About three in five (61%) said they cannot even think about saving for retirement right now because they are focused on covering day-to-day expenses, compared to 53% of parents who said the same.

Anxiety about future costs runs even higher among this group:

71% of childless Americans worry that the rising cost of living will prevent them from enjoying retirement, versus 64% of parents.

Sixty-six percent worry they won't be able to afford long-term care, compared to 60% of those with children. And 54% say rising housing costs are limiting their ability to save for retirement, a concern shared by 47% of parents.

What's holding parents back

Parents, while more confident and more likely to have a plan, still face their own savings headwinds.

Among parents who say they are not saving as much for retirement as they would like, 29% cite education costs and 27% point to childcare expenses. Credit card debt (40%) and car loan debt (25%) also rank as significant barriers at higher rates than among childless Americans.

"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 said.

Children factor into retirement decisions

The study also found that for many Americans, family planning and retirement strategy are intertwined.

Nearly half (48%) said they considered (or would consider) the potential challenges to retirement savings as a significant factor when deciding whether or not to have children. Millennials (64%) were far more likely to weigh this than Gen Xers (41%) or baby boomers (18%).

"Becoming a parent is a deeply personal decision and everyone has their own unique set of circumstances. Finances are one of them," LaVigne said. "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."