Insurance

A generational shift continues with financial concerns – life happens.

Most people aren’t immune to wallet woes—big and small. From paying monthly bills to paying for long-term care and everything in between, people from Gen Z to Boomers told us what worries them financially.

Saving for retirement is a top financial concern, with 44% of Americans expressing concern, according to Life Happens and LIMRA’s 2024 Insurance Barometer Study. This study is valid for every year since its inception in 2011.

It is the turn of the millennium.

While not much has changed regarding retirement, what has changed is who is most concerned about a range of financial issues. This year, Millennials reported the highest level of financial anxiety on nine of the 15 specific financial matters we asked them about. Just two years ago, Gen X was the most anxious on 14 out of 15 occasions. A generational shift is clearly underway.

If we take a look at the main financial concerns of all generations, we see differences between the two generations:

Millennials vs. Gen X

Having enough money for retirement: 54% vs. 48%

Savings for an emergency fund: 45% vs. 38%

Helping myself if I couldn’t work because of a disabling illness/injury: 45% vs. 39%

Paying for long-term care if I can’t take care of myself: 40% vs. 37%

Reimbursement of medical expenses in case of illness/injury: 40% vs 34%

And yet, one of the things that can give them peace of mind — life insurance — is something fewer millennials own (50%) than their older Gen X counterparts (55%). So why aren’t Millennials covered? Well, 42% say it’s too expensive. But 46% increase the actual cost by 5 times or more. And it’s not surprising that they were way off on price, as nearly half (47%) admit they used a wild guess or gut feeling to estimate price.

There is coverage for that.

Additionally, some of their other concerns can be addressed through other types of insurance coverage. For example, if you’re unable to work due to a disabling illness or injury (a concern for 45% of Millennials), only 19% of Millennials say they own it, and only 20% say That he is very/extremely knowledgeable about.

And this year’s Barometer study also looked at combination products, specifically life insurance with long-term care. This type of coverage can address concerns that Millennials have both about financially ruining their families if they die (38%) and paying for long-term care (40%). are doing

A simple solution is to research these products: life insurance, disability insurance and long-term care, and then talk to an insurance professional who can help you find a solution that fits your budget. In addition, that conversation is without cost and no obligation. If you don’t have someone to work with, you can use our agent locator here.


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