Money concerns are universal, but the focus and intensity of those worries are shifting across generations. From everyday expenses to planning for long-term care, Americans of all ages are navigating financial uncertainty — yet new research shows that Millennials are now leading the pack when it comes to financial anxiety.
Retirement Still Tops the List
According to the 2024 Insurance Barometer Study by Life Happens and LIMRA, saving for retirement remains the number one financial concern, with 44% of Americans naming it as a major worry. This has been consistent since the study began in 2011. However, what’s changing is who is most worried — and Millennials are taking center stage.
Millennials Take the Lead in Financial Anxiety
Just two years ago, Generation X expressed the greatest concern across nearly every financial category. Today, Millennials top the list on 9 out of 15 major financial issues. The shift highlights how this generation, now well into their peak earning years, is grappling with new challenges and responsibilities.
Here’s how Millennials compare to Gen X on some of their biggest concerns:
- Having enough money for retirement: 54% vs. 48%
- Building an emergency fund: 45% vs. 38%
- Supporting themselves after a disabling illness or injury: 45% vs. 39%
- Covering long-term care needs: 40% vs. 37%
- Paying medical bills after illness or injury: 40% vs. 34%
Despite these concerns, Millennials are less likely to own life insurance than Gen Xers — 50% versus 55%. One major reason is cost perception: 42% believe it’s too expensive, while nearly half overestimate the actual cost by five times or more. It’s no surprise then that 47% admit they relied on a “gut feeling” or a guess to estimate what coverage might cost.
Insurance Can Ease Financial Stress
Some of Millennials’ top concerns can be addressed directly with the right insurance strategies. For example, disability insurance provides income protection if illness or injury prevents someone from working — a concern for 45% of Millennials. Yet, only 19% currently have disability coverage, and just 20% feel highly knowledgeable about how it works.
There’s also growing interest in combination policies, such as life insurance paired with long-term care coverage. These products can tackle two big fears at once: protecting loved ones financially if the policyholder passes away (a concern for 38% of Millennials) and covering the cost of long-term care (40%).
Taking the Next Step
For Millennials — and anyone concerned about their financial future — exploring options like life insurance, disability coverage, and long-term care policies can be a smart move. A conversation with a qualified insurance professional is often free and comes with no obligation, yet it can provide clarity, confidence, and solutions tailored to your budget and needs.
The financial landscape is changing, and Millennials are redefining how we think about risk and preparedness. By better understanding the true costs and benefits of coverage, this generation can turn worry into long-term financial stability.
