Insight from The Allianz Longevity Project

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Nearly seven in 10 millennials would prefer to "explore, experiment and travel" prior to retirement and follow a different life path.

Despite being the least financially prepared and most overwhelmed by long-term planning, millennials showed the most interest in a nonlinear “school-work-retirement” life path. More millennials wanted to take advantage of 30 extra years by traveling, living in a different city, pursuing a dream, and taking more risks in life, compared to boomers and Gen Xers. But many regret that they have not been gutsier in their choices. While millennials understand that more savings and a better plan will lead to flexibility, they have higher debt and are most concerned that they will be judged by others, compared to boomers and Gen Xers.

Study Highlights:

  • Nearly 70% of millennials (69%) said they would prefer to “explore, experiment, and travel” prior to retirement and follow a different path in how they learn, work, partner, and raise families.
  • Millennials expressed the most regret about not taking more chances – 38% said they wished they’d been gutsier and did things they really wanted to do.
  • Having an average of $150,000 in estimated mortgage, student loan, and credit card debt, millennials hold 89% more debt than boomers ($79,000 total estimated debt).
  • As a result, 63% of millennials cited “worries about money” as being a top barrier to taking a nontraditional life path.
  • Millennials reported being nearly twice as worried as boomers about others judging their life choices (44% versus 24%).

Study methodology: The Allianz The Gift of Time Study was conducted by Larson Research + Strategy via online survey in March 2016 with 3,000 U.S. adults – including 1,000 baby boomers (ages 52-70), 1,000 Gen Xers (ages 37-51), and 1,000 millennials (ages 20-36) – with a minimum household income of $30K+ and was commissioned by Allianz Life Insurance Company of North America.

Media Contacts

To learn more about The Gift of TimeSM The Allianz Longevity Project, please contact:

Jeff Faust
763.765.6614
Jeff.Faust@allianzlife.com


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