Financial worries can affect people of all ages, from paying everyday bills to planning for the future. In a recent survey, Americans across generations expressed their concerns about various financial issues. Saving for retirement remains a top concern, with 44% of respondents worried about it according to the 2024 Insurance Barometer Study.
A Shift in Concerns
While retirement worries have remained consistent, there has been a change in who is most concerned about financial matters. Millennials now express the highest level of concern on nine out of 15 specific financial issues, marking a generational shift in financial worries.
Comparing millennials to Gen X, there are significant differences in key financial concerns:
Millennials vs Gen X
Having enough money for retirement: 54% vs 48%
Saving for an emergency fund: 45% vs 38%
Supporting myself in case of disability: 45% vs 39%
Paying for long-term care: 40% vs 37%
Covering medical expenses: 40% vs 34%
Interestingly, fewer Millennials have life insurance compared to Gen X, with cost being a major deterrent. However, many Millennials overestimate the true cost of coverage, highlighting the need for better understanding of insurance options.
Finding Solutions
Other insurance products, such as disability insurance and combination plans, can address some of the specific concerns Millennials have. By exploring these options and speaking with a professional, individuals can find solutions that fit their budget and provide peace of mind.
If you are worried about financial security, consider looking into life insurance, disability insurance, and long-term care coverage. Speaking to an insurance professional can help you navigate these options and find a plan that suits your needs. Don’t let financial worries keep you up at night – explore your options and secure your future today.
