The move comes weeks after internal documents showed the social-media company knew about the app's negative effects on young girls.
Instagram Chief Executive Adam Mosseri made the announcement on his Instagram account after discussing the matter on NBC's Today Show.
"We're going to take the time to talk more to and listen to more parents, researchers and to safety experts and to get to some more consensus before we move forward," Mosseri said in a short video posted to his Instagram account.
Shares of Facebook at last check fell 0.7% to $350.60.
"I want to be clear we still believe it's the right thing to do and it's better for parents to have the option to give their tweens a version of Instagram that's designed to be safe for them," Mosseri added.
Earlier this month, an investigation by The Wall Street Journal prompted lawmakers to launch a formal probe into this matter.
“Thirty-two percent of teen girls said that when they felt bad about their bodies, Instagram made them feel worse,” the researchers at Facebook reportedly wrote.
The Journal cited internal Facebook studies over the past three years that examined how Instagram affects its young user base, with teenage girls being most notably harmed.
The tech giant identified Instagram's Explore page as a place that can push users into content that can be harmful.
According to one slide from 2019, reportedly seen by the Journal, researchers concluded, “we make body image issues worse for one in three teen girls.”