By Karin Muller, 13 May 2015
People are delaying having children for various reasons, among them societal expectations, deferred marriage or long-term partnerships, the desire for more financial security and greater emotional maturity, career goals and the wish to pursue other interests such as travelling. While this certainly has advantages, Muller says delaying parenting could lead to a financial ‘bottleneck’ later in life unless you have drawn up a well-balanced financial plan taking into account both your present and potential future circumstances. For some people it could be financially beneficial if you used your time before starting a family to build a good financial foundation.
Muller recommends considering the following:
“If you postpone parenthood for whatever reason, the most important factor to bear in mind is that your planning timelines will be different to those of people who have children at a younger age. It is essential to consult a professional financial planner, to assist you in drawing up a personalised financial plan taking your specific needs and circumstances into account,” concludes Muller.