Most people are not immune to wallet’s concerns, a chest and small. From paying monthly bills to paying long -term attention and everything else, the people of generation Z to boomers told us what they are concerned financially.

It turns out that saving retirement is a key financial concern, with 44% of Americans who express concern, according to the 2024 Insurance Barometer study, life occurs and Limra. This has been true for each year since the study began in 2011.

It is the turn of millennials

While there has been no great concern for the retirement of changes, what has changed is who cares more about a variety of financial problems. This year, millennials expressed the highest level of financial concern in nine of the 15 specific financial matters that we ask them. Only two years ago, Gen X was the most worried in 14 of the 15. A generational change is clearly underway.

If we take a look at key financial concerns in all generations, we see the gap between these two generations:

Millennials vs gen x

Have enough money for retirement: 54% compared to 48%

Savings for an emergency fund: 45% compared to 38%

supporting myself if I could not work due to an incapacitating disease/injury: 45% compared to 39%

Pay for long -term attention if I don’t care: 40% compared to 37%

Pay for medical expenses in case of a disease/injury: 40% compared to 34%

And yet, one of the things that can provide them with financial tranquility, life insurance, is something that least millennials possess (50%) that their oldest X -X counterparts (55%). So why don’t millennials have coverage? Well, 42% say it is too expensive, but 46% overestimate the real cost in 5 times or more. And it is not surprising that they were so far with the price, since almost half (47%) admits that they used a wild assumption or used a feeling of intestine to estimate the cost.

There is coverage for that

In addition, some of your other concerns can be addressed by other types of insurance coverage. For example, disability insurance is there if it cannot work due to an incapacitating disease or injury (a concern for 45% of millennials), but only 19% of millennials say they have it, and only 20% He says they are very/ extremely knowledgeable.

And this year’s study also analyzed combined products, specifically combined life insurance with long -term attention. This type of coverage could relieve the concerns that millennials have about leaving their family on the jolt if they died (38%) and paying long -term attention (40%).

An easy solution is to explore information about these products: life insurance, disability and long -term attention insurance, and then talk to an insurance professional who can help you find a solution in your budget. In addition, that conversation has no cost or obligation. If you do not have someone to work with, you can use our agents locator here.