Most individuals are usually not resistant to the concerns of the pockets—huge and small. From paying for month-to-month payments all the best way to paying for long-term care and all the pieces in between, individuals from Gen Z to Boomers informed us what they’re involved about financially.
Seems, saving retirement is a key monetary fear, with 44% of Individuals expressing concern, in accordance with the 2024 Insurance coverage Barometer Examine, from Life Occurs and LIMRA. This has been true for yearly for the reason that examine started in 2011.
It’s Millennials’ Flip
Whereas there hasn’t been a significant change retirement concern, what has shifted is who’s worrying essentially the most a couple of vary of economic points. This yr, Millennials expressed the very best degree of economic concern on 9 of the 15 particular monetary issues we requested them about. Simply two years in the past, Gen X was essentially the most involved on 14 of the 15. A generational shift is clearly underway.
If we check out the important thing monetary issues throughout all generations, we see the hole between these two generations:
Millennials vs Gen X
Having sufficient cash for retirement: 54% vs 48%
saving for an emergency fund: 45% vs 38%
supporting myself if I couldn’t work on account of a disabling sickness/damage: 45% vs 39%
paying for long-term care if I couldn’t look after myself: 40% vs 37%
paying for medical bills in case of an sickness/damage: 40% vs 34%
And but, one of many issues that may deliver them monetary peace of thoughts—life insurance coverage—is one thing that fewer Millennials personal (50%) than their older Gen X counterparts (55%). So why don’t Millennials have protection? Nicely, 42% say it’s too costly, however 46% overestimate the true price by 5 occasions or extra. And it’s not stunning they have been to this point off with on value, as nearly half (47%) admit they used a wild guess or used a intestine feeling to estimate the price.
There’s Protection for That
Moreover, a few of their different issues might be addressed by different kinds of insurance coverage protection. For instance, incapacity insurance coverage is there if you’re unable to work on account of a disabling sickness or damage (a priority for 45% of Millennials), however solely 19% of Millennials say they personal it, and solely 20% say they’re very/extraordinarily educated about.
And this yr’s Barometer Examine additionally checked out mixture merchandise, particularly life insurance coverage mixed with long-term care. One of these protection might allay issues that Millennials have about each leaving their household within the lurch financially in the event that they died (38%) and paying for long run care (40%).
A straightforward answer is to discover information on these merchandise: life insurance coverage, incapacity insurance coverage and long-term care, after which discuss to an insurance coverage skilled who might help you discover a answer in your funds. Plus, that dialog is without charge and no obligation. Should you don’t have an somebody to work with, you need to use our Agent Locator right here.