Planned Parenthood for Millennials—what makes the difference?

Parenthood, an evolved concept
 

As generations come by, the social fabric changes owing to evolving mindset and acceptance of new thoughts and this is where ideas start to differ. Each generation has their own concept towards parenting guided by their values, beliefs, and style of upbringing. The structure of parenthood has also differed across generations. Baby Boomers (those born between 1946-64) mostly meant the working dads and moms, while Gen X (those born between 1965-1980) saw both the parents working in most cases. Millennials (those born between 1981-1996) in their 30s and 40s now, are settled in their careers and in the age band of getting married or becoming parents.⁴ It’s this generation² that prioritises work-life balance and has transcended societal norms. For instance, gaining acceptance for being a single parent, alongside traditional parenthood. This wave of changes in mindset has led to further changes, introducing the concept of planned parenting.
 

Planned Parenthood, a millennial thinking
 

As experts believe and data has shown² that millennials are far more organised and structured compared to baby boomers or Generation X. Unlike the previous generations, they consider parenthood a choice and not a societal mandate or necessity. Couples step into this journey only when they feel they are ready and stable. Probably this is where the idea of planned parenthood for millennials was born. Millennials have broken stereotypes efficiently and maintained work-life balance.^[2] They have also done active research and planning, making informed and aware choices of parenting to secure a stable life for themselves and their children.
 

Financial security, a core goal
 

Parenthood planning's foundation is in financial planning of millennials. According to experts, this is more of this generation’s idea to financially cushion the little one’s future right from the beginning, without straining themselves. As Forbes Magazine points out^[2], 66% of millennials, currently in the age bracket of 30-44 and in early parenthood, are already saving for their children’s higher education. Compared to it, only 35% of baby boomers and 47% of Gen Xers treaded the same path.
 

Financial Planning by Millennials
 

Distinctly different from the older generations, millennials ^[3] are more value-orientated, technology- and social media-savvy, spenders on travel and entertainment, and prefer managing expenses on EMIs while growing their wealth through investments. Planned parenthood by millennials is teaching them to prioritise the financial aspect, right from the start of the journey. For couples or single parents, financial planning means securing the child’s future right from the day he/she is born, taking care of major life goals like the little one’s education, higher studies, and marriage through the accumulation of a sufficient corpus. Setting specific goals early in life, and by choosing the correct savings and investment avenues, making the most of the power of compounding—financial planning for millennials is an attempt to make parenthood an easy, breezy affair.

From when to bring a child into this world to which child plan to invest in, parenthood planning for millennials is all about making the right choices. ‘And that has made all the difference¹.
 

FAQs
 

1. Who are the millennials?

   Millennials are the generation that was born between 1981 and 1996. ²

2. What is planned parenting for millennials?

   Millennials prefer making a conscious and informed choice of parenting. They actively research and step into the journey when they are able to secure a stable life both for themselves and the child. This is called planned parenting.

3. What is financial planning for millennial parents?

   Millennials, similar to other generation parents’, also prefer a stable and financially secure life both for themselves and their children. Hence, they make a strategic plan to support their child right from their birth to attain their life goals like education, higher studies, and marriage. Starting with specific goal-setting to choosing the correct investment plans, they ensure the accumulation of sufficient funds without straining their own pockets.

4. Are millennials financially savvy?

   Empowered by the rise of the internet and smart technology, millennials are financially savvy too. This generation follows a defined path towards saving for goals like marriage, parenthood, retirement, or buying a house.