Most people are not immune to wallet-related concerns, whether large or small. From paying monthly bills to paying for long-term care and everything in between, people from Gen Z to Boomers told us what they’re worried about financially.
It turns out that saving for retirement is a major financial concern, with 44% of Americans expressing concern, according to the 2024 Insurance Barometer Study, from Life Happens and LIMRA. This has been true every year since the study began in 2011.
It’s the turn of the millennial generation
While there has not been a major change in the issue of retirement, what has changed is who is most concerned about a range of financial issues. This year, Millennials expressed the highest level of financial concern about nine out of 15 specific financial issues we asked them about. Just two years ago, Generation
If we take a look at the main financial concerns across all generations, we see the gap between these two generations:
Millennials vs. Generation X
Having enough money for retirement: 54% vs. 48%
Saving for an emergency fund: 45% vs. 38%
Psychological support if unable to work due to disabling illness/injury: 45% vs. 39%
Paying for long-term care if I can’t care for myself: 40% vs. 37%
Payment of medical expenses in the event of illness/injury: 40% vs. 34%
However, one thing that could bring them financial peace of mind — life insurance — is something fewer Millennials (50%) own than their older Generation X counterparts (55%). So why aren’t millennials covered? Well, 42% say it’s too expensive, but 46% overestimate the true cost by 5 times or more. Not surprisingly, they were way off on price, with nearly half (47%) admitting they used a wild guess or used a gut feeling to estimate the cost.
There’s coverage for that
In addition, some of their other concerns can be addressed through other types of insurance coverage. For example, disability insurance is available if you are unable to work due to a disabling illness or injury (a concern for 45% of Millennials), but only 19% of Millennials say they have it, and only 20% say they have it. . The ultimate knowledge.
This year’s Barometer study also looked at combination products, specifically life insurance combined with long-term care. This type of coverage can ease Millennials’ concerns about leaving their family in a financial lurch if they die (38%) and paying for long-term care (40%).
An easy solution is to explore information about these products: life insurance, disability insurance, and long-term care, then talk to an insurance professional who can help you find a solution that fits your budget. Additionally, this conversation is at no cost or obligation. If you don’t have someone to work with, you can use our agent locator here.
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