While current evidence indicates that the United States did not experience a baby boom during the pandemic, few empirical studies have considered the underlying rationale for the American baby bust. Relying on data collected during the pandemic (n = 574), we find that pandemic-related subjective assessments (e.g., self-reported stress, fear of COVID-19 and relationship struggles) and not economic indicators (e.g., employment status, income level) were related to levels of fertility motivations among individuals in relationships. Analysis of within-person changes in fertility motivations shows that shifts in the number of children, increases in mental health issues and increases in relationship uncertainty, rather than changes in economic circumstances, were associated with short-term assessments of the importance of avoiding a pregnancy. We argue for broadening conceptual frameworks of fertility motivations by moving beyond a focus on economic factors to include a cognitive schema that takes subjective concerns into account.