Delaying the arrival of the first child? A qualitative study on the perceptions around childbearing postponement.In a scenario of lowest-low fertility levels like the Spanish one, characterized by a postponement transition, especially for first births, this paper looks into the most relevant perceptions and values which may be affecting the childbearing delay for the first child among people aged between 25 and 45 in the Community of Madrid. Based upon the Theory of Planned Behavior (TPB) applied to the fertility decision-making process, and by means of 16 in-depth qualitative interviews carried out in 2017 among women and men, the article aims at inquiring whether the expected negative outcomes of having a child, the perceived normative social pressures and the perception of dependence on external factors, are directly influencing the decision of having a first child. This article includes significant contributions from studies about fertility determinants and provides qualitative evidence about the factors that have an impact on this delay. The perceived motherhood penalty in the labor market, specially related to career progression, the perceived negative outcomes in terms of leisure time and freedom of movement, and the late achievement of the economic stability considered as ideal in order to have a child, may be having an impact on the postponement of the first childbearing. Our results suggest that social normative pressure may be less influential in Spain, while the high value attributed to individual autonomy may contribute to the delay of parenthood. Keywords: fertility postponement; motherhood postponement; low fertility; theory of planned behavior; fertility intentions; motherhood penalty; second demographic transition; values; in-depth qualitative interviews; Spain 1. Una discusión introductoria acerca del efecto tempo sobre la caída del ICF puede encontrarse en Liefbroer et al. (2015).