Americans' concerns about high inflation and the state of the Social Security program, among other worries, are pushing up the level of financial anxiety across the generations.
This is the conclusion drawn in a new survey report published by Allianz Life. Strikingly, some 63% of survey respondents this year say they worry more about running out of money than about death and dying — up from 57% in a 2022 edition of the survey.
Gen Xers are the most likely to say this, according to the survey, with 71% reporting they are more worried about running out of money than death. This compares to 64% of millennials and 53% of boomers.
Kelly LaVigne, vice president of consumer insights at Allianz Life, said the results are eye-opening, and it's understandable that running out of money in retirement is a scary thought.
"That's why it is so important to have a thorough financial strategy for retirement," LaVigne said.
What's Driving the Worry?
Recent inflation has heightened this feeling, according to the survey, with "high inflation" cited by 43% of survey respondents as being among the most pressing concerns contributing to worry about running out of money.
Black and African American respondents (52%) and Asian/Asian American (51%) respondents were more likely to say inflation contributes to their worry about running out of money than white (41%) or Hispanic (39%) respondents.
